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Biden vetoes bill that would block ESG considerations by pension funds

Posted On: Mar. 21, 2023 10:09 AM CST

U.S. President Joe Biden on March 20 vetoed a Republican-backed measure that would have prevented pension fund managers from basing investment decisions on factors like climate change, Reuters reports. The bill cleared Congress on March 1, when the Senate voted 50-46 to adopt a measure to overturn a Labor Department rule making it easier for fund managers to consider environmental, social and corporate governance, or ESG, issues for investments and shareholder rights decisions, such as through proxy voting.