President Joe Biden (D) has officially vetoed his first bill. In an announcement on Twitter, he shared the news with the American public.
“I just vetoed my first bill. This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don't like,” said Pres. Biden.
“Your plan manager should be able to protect your hard-earned savings — whether Rep. Marjorie Taylor Greene likes it or not.”
I just vetoed my first bill.
This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don't like.
Your plan manager should be able to protect your hard-earned savings — whether Rep. Marjorie Taylor Greene likes it or not. pic.twitter.com/PxuoJBdEee
— President Biden (@POTUS) March 20, 2023
The measure was primarily backed by the Republican members of the Senate. However, they were joined by Democratic Senators Joe Manchin and Jon Tester as well.
Pres. Biden made sure to let voters know that his veto was based on logic, not controversy.
He stated, “Retirement plan fiduciaries should be able to consider any factor that maximizes financial returns for retirees across the country. That's not controversial — that's common sense.”
Despite his support for the ethos behind the policy, there are still mixed views on the practices officially made legal by the President.
The veto protects policies made by the Biden administration to allow “plan managers” to take environmental, social and corporate governance (ESG) factors into account.
Biden’s recent legislative action comes on the heels of his signing off on H.J.Res. 26 and S. 619.
According to his statement, the new legislation would “nullify the Revised Criminal Code Act of 2022 enacted by the Council of the District of Columbia.”
Furthermore, bill S. 619, or “the “COVID–19 Origin Act of 2023,” will “require the Director of National Intelligence to declassify certain information relating to the origin of COVID-19.”
H.J.Res. 26 has faced opposition from many Democrats, and Biden’s veto has faced scrutiny by many Republicans. These measures exhibit a Biden administration that has bipartisan-backed policies and criticism.
Texas Senator John Cornyn (R), who shared Biden’s signing of H.J.Res. 26 on Twitter, recently critiqued Biden’s handling of the border.
“The administration wants to hire an additional 350 Border Patrol agents, which would be a great start, but the White House isn't taking any action to address underlying barriers to hiring those agents,” stated Sen. Cornyn.