House fails to overturn veto of ESG legislation (2023)
| Environmental, social, and corporate governance |
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The House of Representatives on March 23 failed in its attempt to overturn President Joe Biden’s (D) veto of the Congressional Review Act (CRA) resolution Congress had sent to his desk that sought to block a Labor Department rule permitting ESG considerations in retirement plans.
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The U.S. House failed Thursday to override President Joe Biden’s first veto—of a Republican-led bill that would have banned the consideration of environmental, social or governance issues in retirement and other investment decisions. Republicans failed to mount the necessary two-thirds votes needed in the House to override the president’s veto of the “ESG” investment bill. The override failed on a 219-200 vote mostly along party lines as most Democrats opposed. The standoff was a first test of the strength of the new Republican majority in the House as it confronts the Democratic president in the White House. House Republicans had succeeded in passing the legislation through Congress last month, part of their agenda to undo so-called “woke” government policies that strive to bring new ways of thinking about social and environmental issues with equity and accountability. The legislation was a pushback against the idea of “ESG” investing, which takes into account a company’s environmental social and governance record, including on issues like climate change…. Using special procedures, the House and Senate approved the rollback with a simple majority in both chambers, but there was not enough support in Congress to mount the veto override.[1] |
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See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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