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President Biden sparked outrage after issuing the first veto of his presidency Monday to thwart a bipartisan anti-ESG bill.
The bipartisan bill sought to strike down a new Labor Department rule encouraging retirement fiduciaries to consider environmental, social and corporate governance (ESG) issues in their investments. Sen. Joe Manchin, D-W. Va., blasted Biden for the veto, saying, "President Biden is choosing to put his Administration’s progressive agenda above the well-being of the American people."
Biden tweeted a video of himself discussing the veto and trying to blame "MAGA Republicans" for it.
"I just vetoed my first bill. This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don't like. Your plan manager should be able to protect your hard-earned savings — whether Rep. Marjorie Taylor Greene likes it or not," he said.
Members of the media are visible in the sunglasses of President Biden as he speaks on the South Lawn of the White House Monday, May 30, 2022. (AP Photo/Andrew Harnik)
Commentators and public figures across Twitter scorched Biden both for the veto as well as how he framed the legislation.
"The fact that Biden’s first veto is about promoting ESG reveals the problem: this isn’t the invisible hand of the ‘free market.’ It’s the invisible fist of government. Don’t fall for their trick," presidential candidate Vivek Ramaswamy tweeted.
"Lying by Omission," author and former journalist Charles R. Smith wrote. "The bill was about ending ESG, the practice of disenfranchising investors (=pensionists) and empowering managers to [pursue] their own ideological goals, instead of following their fiduciary obligations."
"The people who manage your retirement savings should only have one thing to consider: Your retirement security," GOP rapid response director Tommy Pigott tweeted. "Once again Biden is prioritizing far-left special interests over the economic well-being of the American people."
President Biden has delivered multiple public statements in recent months slamming "MAGA Republicans." (Photo by Alex Wong/Getty Images)
BIDEN COULD ISSUE HIS FIRST VETO AS CONGRESS PREPARES TO VOTE AGAINST ESG INVESTMENT RULE
Sen. Tom Cotton, R-Ark., wrote, "Joe Biden’s first veto as president: letting retirement fund managers prioritize ESG scams over the best-performing investments. Why is he playing games with working people’s retirement money?"
Veteran and former congressional candidate Jason "Storm Chaser" Nelson tweeted at Biden, "You just vetoed a bill that would ensure investments are based on returns, not political policies. You are such a liar, man."
Many also slammed Biden for framing his veto as a dispute against "MAGA Republicans," when the vote was bipartisan.
"This admin. is above and beyond most responsible for such decisiveness it decries when it throws out such rhetoric as this [is] how every thing is MAGA’s fault," Townhall.com web editor Rebecca Downs wrote. "MTG voted for the bill, as did most of the House, but she didn’t even sponsor it. And Senate Dems voted for it as well."
Indiana Senator Mike Braun speaks during a Senate Appropriations Subcommittee hearing in Washington, D.C., on Wednesday, May 25, 2022. (Ting Shen/Bloomberg via Getty Images)
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"Why don't you tell people what the bill was?" journalist Ian Miles Cheong asked Biden.
Sen. Mike Braun, R-Ind., tweeted in reply, "President Biden issued a rule that allows money managers for retirement accounts to use ESG as the reason for an investment. Previously, fiduciaries had to invest based on the best rate of return. My bill struck down the Biden rule, with a bipartisan vote in both chambers."
Fox News' Anders Hagstrom contributed to this report.
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