03/21/2023 By Adri Pray
President Joe Biden Monday vetoed a Republican-authored measure that would restrict the government from considering climate impacts and potential lawsuits when making decisions about residents’ retirement plans. The veto marks the first of Biden’s presidency, signifying an early shift in White House relations with Congress since Republican lawmakers took control of the House in January.
This move alludes to a larger, coming battle between the president and Republicans regarding government spending and the nation’s debt limit. Because the proposed measure “put at risk the retirement savings of individuals across the country,” according to a video address posted by the White House on Twitter, Biden felt it was a necessary move to back Americans.
If instated, the measure would have effectively implemented a Trump-era ban on federal managers of retirement plans considering external environmental factors like climate change and social impacts on Americans when making governmental investment choices.
“The president vetoed the bill because it jeopardizes the hard-earned life savings of cops, firefighters, teachers, and other workers,” White House spokesperson Robyn Patterson said.
Critics of the veto believe governmental investments in social issues allocate money based on political agenda, though the move is likely to prevail, as just three Democrats in Congress back the Republican action.