Biden applies first veto, defends investment rule

President Joe Biden applied the first veto of his presidency on Monday, rejecting attempts by Republicans in Congress to overturn a Labor Department rule so retirement plans can consider environmental, social and political factors when making investments. .

The Labor Department rule ended a rule under President Donald Trump that prohibited retirement plan administrators from considering factors such as climate change or pending lawsuits when making investments. Because the lawsuits and climate change have financial repercussions, current officials argue that the previous administration was being irresponsible.

Critics argue that investments should not be based on political agendas like fighting climate change, but only on which investment will yield the most returns. Republicans in Congress denounce that it is another example of ultraliberal policies that they call “woke.”

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