Tennessee’s Congressional Delegation Members React to Biden’s Veto of ESG Bill

Republican members of the Tennessee Congressional Delegation condemned President Joe Biden on Monday for using his first veto to shoot down legislation that would require pension fund managers to make investment decisions based on financial factors – not based on environmental, social, or governance (ESG) factors.

Last November, the U.S. Department of Labor implemented the ESG rule which allows retirement plan managers to consider environmental and social issues when making investment decisions instead of focusing on financial factors relative to the rate of return.

In response, Congress passed legislation – H.J. Res. 30 – that would nullify the department’s rule.

“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 video.

In a separate statement, Biden further defended the Department of Labor’s rule, saying, “There is extensive evidence showing that environmental, social, and governance factors can have a material impact on markets, industries, and businesses. But the Republican-led resolution would force retirement managers to ignore these relevant risk factors, disregarding the principles of free markets and jeopardizing the life savings of working families and retirees.”

On Twitter, Congressman Tim Burchett (R-TN-02) reacted to Biden’s veto of the legislation, writing, “Biden’s first veto blocked a bill that would protect people’s retirement investments. It would have ensured investment managers make decisions based on the best financial outcomes, not political agendas.”

Congressman Mark Green (R-TN-07) added, “President Biden’s ESG veto shows that he cares more about left-wing special interest groups and the green lobby than he does about retirees.”

Congressman Chuck Fleischmann (R-TN-03) called Biden’s veto “disappointing,” noting that the action “jeopardizes the hard-earned savings of millions of Tennesseans and Americans nationwide.

Senator Marsha Blackburn (R-TN) called ESG priorities “woke.”

Meanwhile, in the State of Tennessee, a bill is making its way through the legislature that would bar the Tennessee Treasurer from abiding by the labor department’s ESG rule.

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Kaitlin Housler is a reporter at The Tennessee Star and The Star News Network.
Photo “Tim Burchett” by Tim Burchett. Photo “Mark Green” by Congressman Mark Green. Photo “Chuck Fleischmann” by Congressman Chuck Fleischmann. Photo “Marsha Blackburn” by Sen. Marsha Blackburn. Background Photo “Joe Biden” by President Joe Biden.

 

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2 Thoughts to “Tennessee’s Congressional Delegation Members React to Biden’s Veto of ESG Bill”

  1. LM

    Well said, Karen.

  2. Karen Bracken

    Why don’t you all spend time on impeachment instead of putting forward smoke and mirror legislation you KNOW will never get passed. Biden is a traitor and a criminal. Spend the next 2 years impeaching him, Kamala Harris who BTW is NOT a natural born citizen, Myorkas, Garland and a couple Supreme Court justices who wouldn’t know the constitution if it bit then on the butt and you can start with bought and paid for Roberts. You expect us to believe you are outraged over this veto. You KNEW all along it would never get signed. When the Rs and Ds play together that is a clear sign of your usual Kabuki theater antics. Your time in DC will be short unless you do something real.

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