Biden uses veto to block anti-ESG investing bill

First time using veto power

US President Joe Biden has vetoed a bill that would have stopped fund managers basing investment decisions on ESG factors.

In a video posted on Twitter, Biden said: "I just signed this veto because the legislation passed by the Congress would put at risk the retirement savings of individuals across the country." It is the first time in his more than two years in office that he has used the veto power. The politicisation of ESG investing in the US has seen Republicans, typically allies of Wall Street, move against the direction of travel in fund management, what party lawmakers characterise as "woke" liberal practices. Last year, the US Labor Department enacted a rule to make it easier for retirement pl...