Senate Votes to Block Biden’s ESG Investment Rule, President Set to Veto Measure
The U.S. Senate has voted to block a Department of Labor (DOL) rule that allows retirement managers to consider environmental, social, and governance (ESG) factors when determining where to invest funds.
The March 1 vote fell largely along party lines, with most Democrats voting against the joint resolution disapproving of the rule, and Republicans voting for it. However, Sens. Jon Tester (D-Mont.) and Joe Manchin (D-W.Va.) crossed party lines to sway the vote in Republicans’ favor, passing the resolution in a 50-46 vote.
The Wednesday vote follows the House’s passage of the resolution on Tuesday in a 216-204 vote….