Members of the House failed Thursday to override the veto issued by President Joe Biden which overturned their resolution to nix a Labor Department rule supportive of the environmental, social, and corporate governance movement, also known as ESG.
The Labor Department issued a final rule in November which permits retirement fiduciaries to consider climate change and other ESG factors “when they make investment decisions and when they exercise shareholder rights, including voting on shareholder resolutions and board nominations.” Republicans and a handful of Democrats in the House and Senate voted earlier this month to overturn the rule; their resolution was nevertheless vetoed by Biden on Monday.
Lawmakers could have overturned the veto with supermajorities in both chambers; the resolution failed to meet the threshold in the House on Thursday in a vote of 219-200.
“With his veto, the President once again insists on undermining the financial security of the very people who…
