Multiple Democrats joined Republicans in the Senate to pass a repeal of Joe Biden’s regulation requiring government retirement accounts to take ESG into account.
ESG, which stands for environmental, social, and corporate governance, is a gambit that seeks to punish companies for not promoting far-left ideology on issues like climate change and diversity, equity, and inclusion. It exists as a backdoor mechanism used by the Democratic Party to force people to abide by left-wing dictates and values in cases where the government lacks the power to mandate such.
Biden’s regulation would force government agencies to use ESG as a guide in retirement investments instead of the maximization of returns for seniors. The House and Senate are attempting to stop it, and both chambers passed a bill (Fox News) striking down the administration’s move.
The Senate on Wednesday passed a disapproval resolution, formally killing a Biden administration Department of Labor rule that encourages private retirement plan fiduciaries to consider environment, social and governance (ESG) factors when making investment decisions for over 150 million Americans.
The measure, which only required a simple majority to pass, passed the threshold in a 50-46 vote. The House of Representatives passed it Tuesday in a 216-204 vote, with only one Democrat voting for the bill.
Not surprisingly, Sen. Joe Manchin (D-WV) joined Republicans, even if it’s unlikely to save him if he runs for re-election in 2024. Perhaps somewhat unexpectedly, though, Sen. Jon Tester (D-MT) was also an affirmative vote.
Tester is up for re-election in 2024 in what is expected to be a contested race in a deep red state. Unlike Manchin, who at times operated as a maverick prior to his betrayal on the farcically-named Inflation Reduction Act, the Montana senator has long been a rubber stamp for Democrat priorities.
Unfortunately, Republicans chose a terrible candidate to challenge Tester during the 2018 election and lost a winnable seat. Things may well be different in 2024. No amount of wearing flannel shirts will change that Tester is completely out of step with his state. That’s what this move against ESG is about. In a non-election year, he’d have never made that vote, but being the cynical opportunist that he is, Tester believes he can pull the wool over the eyes of Montanans again. I guess we’ll find out on that front.
Regardless, Biden is going to veto the resolution because he values the plaudits of international elites more than he values American seniors. It is objectively crazy to make retirement investments based on political ideology instead of maximizing returns. Mark it down as another example of Biden showing his contempt for normal people.