Indiana Senator Mike Braun has responded after President Joe Biden vetoed a bill that he had written and helped get passed in the Senate.
Senator Mike Braun responded in a press release.
“Today, President Biden used his first veto to reject a bipartisan majority consensus in the House and Senate that Americans’ retirement savings should be invested to get the best return, not to support a political agenda. Americans’ 401(k)s have taken a beating from the Biden inflation crisis, and now, as one of the most ESG-focused financial institutions in the U.S. has collapsed in Silicon Valley Bank, President Biden is doubling down on prioritizing a progressive agenda over Americans’ retirements and the will of Congress. Good luck explaining this one.”
The bill was to strike down a Biden rule that would allow money managers for retirement plans to use environment, social, and corporate governance as the reason for an investment, rather than just trying to get the best rate of return for clients.
The bill will now go back to the House and the Senate, where it will take the support of two thirds of both parts of the Legislative Branch to pass.