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ARTICLE · 30 MARCH 2023

President Biden Issues First Veto To Protect ESG Investing

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

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Today, President Biden issued the first veto of his presidency. This action had been heavily telegraphed in advance and was widely expected. Nonetheless, this veto is extraordinarily significant.

United StatesEnvironment
Jacob Hupart
Jacob Hupart
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Today, President Biden issued the first veto of his presidency. This action had been heavily telegraphed in advance and was widely expected. Nonetheless, this veto is extraordinarily significant.

President Biden has now blocked a Republican effort to overturn a federal Department of Labor rule that enables investment managers to incorporate ESG factors--including climate change--into their investment decisions. As President Biden stated on Twitter, the bill he vetoed "would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don't like." President Biden has now issued a clear policy statement that his administration approves of utilizing ESG factors in making investments. Such a position indicates that President Biden perceives ESG investing not only as significant itself, but also as a political fight in which the Democratic Party has an advantage over Republicans. That attitude implies that future activity in this

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