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Anti-ESG Bill Passes Senate as Biden Threatens First Veto

  • Moderates Tester and Manchin join Republicans in vote
  • Biden’s expected veto would likely allow Labor rule to proceed
President Joe Biden

President Joe Biden

Photographer: Bonnie Cash/UPI/Bloomberg

Updated on

The Democratic-led US Senate voted to block a Labor Department sustainable investing rule, marking a victory for Republicans in their crusade against “woke” capitalism and teeing up President Joe Biden’s first veto.

The heavily Republican vote was 50-46 to end the Biden administration rule, which would allow retirement plans to weigh climate change and other environmental, social and governance issues in their investment decisions.