President Biden uses the first veto of his presidency to uphold a new rule that allows retirement plans to consider risk factors like climate change and poor corporate governance.
“I just signed this veto because legislation passed by Congress would put at risk retirement savings of individuals across the country,” Biden said in a statement. “They couldn’t take into consideration investments that would be impacted by climate, impacted by overpaying executives. And that’s why I decided to veto it, it makes sense to me.”
“The Republican-led bill would force retirement managers to ignore these relevant risk factors, disregarding the principles of free markets and jeopardizing the life savings of working families and retirees,” Biden said to Congress. “Your plan manager should be able to protect your hard-earned savings — whether Rep. Marjorie Taylor Greene likes it or not,” Biden added on social media.The president frequently singles out Greene, the divisive, far-right Georgia Republican who interrupted Biden’s State of the Union address in Februaryafter he identified some Republicans who want changes to Medicare and Social Security.
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