Biden Issues First Veto Of His Presidency Over Influence From ‘MAGA Republicans’

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On Monday, President Joe Biden utilized his veto power for the first time since assuming office. The veto was used to reject a bipartisan measure that aimed to invalidate a new administrative regulation concerning retirement plans.

“I just signed this veto because the legislation passed by the Congress would put at risk the retirement savings of individuals across the country,” Biden said in a social media post. “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.”

This veto came in response to the Senate’s approval of a resolution, with a 50-46 vote on March 1, to block a Labor Department rule allowing certain retirement plans to consider environmental, social, and corporate governance factors when making investment decisions, rather than solely focusing on the highest rate of return.

During the Senate vote, Democratic Senators Joe Manchin of West Virginia and Jon Tester of Montana joined the Republicans in supporting the resolution.

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