President Biden Issues His First Veto
March 20, 2023 10:08AM PDT
WASHINGTON (AP) — President Joe Biden has issued the first veto of his presidency as he seeks to block Republican-led efforts in Congress to overturn a Labor Department rule allowing retirement plans to consider environmental, social and governance factors when making investment decisions.
The Labor Department rule ended a Trump-era ban on managers of retirement plans considering factors such as climate change or pending lawsuits when making investment choices.
Because suits and climate change have financial repercussions, administration officials argue that their predecessors were courting possible disaster.