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 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 vote follows the House’s passage of the resolution on Feb. 28 in a 216–204 vote.
In announcing the rule in November 2022, the Department of Labor held that the Trump administration had “unnecessarily restrained” retirement plan managers’ ability to weigh ESG factors when making investments….}