The press corps is claiming to see signs that President Biden is “moving to the middle” as he prepares to run for re-election. You wouldn’t know it from the first veto of his Presidency, which he used Monday to overrule a bipartisan Congressional resolution protecting retirement savings against politicized investment decisions.
The resolution employed the Congressional Review Act to overturn a Labor Department rule protecting pension funds that invest based on environmental, social and governance, or ESG, criteria. The rule essentially protects retirement-fund managers from lawsuits if their investment choices cause lower returns or losses because the funds indulge in climate-change or social-justice causes. Under traditional fiduciary standards, funds are obliged to maximize returns.
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