President Joe Biden issued the first veto of his presidency Monday in an early sign of shifting White House relations with the new Congress since Republicans took control in January. He's seeking to kill a Republican measure that bans the government from considering environmental impacts or potential lawsuits when making investment decisions for Americans' retirement plans.
It's just the latest manifestation of the new relationship, and Biden is gearing up for even bigger fights with Republicans on government spending and raising the nation’s debt limit in the next few months.
The measure vetoed by Biden ended a Trump-era ban on federal managers of retirement plans considering factors such as climate change, social impacts or pending lawsuits when making investment choices. Because suits and climate change have financial repercussions, administration officials argue that the investment limits are courting possible disaster.
Critics say environmental, social and governance (ESG) investments allocate money based on political agendas, such as a drive against climate change, rather than on earning the best returns for savers. Republicans in Congress who pushed the measure to overturn the Labor Department's action argue ESG is just the latest example of the world trying to get “woke.”
Biden, in a video released by the White House, said he vetoed the measure because it “put at risk the retirement savings of individuals across the country.”
Only two Democrats in the Senate voted for the investment limits, making it unlikely that backers of a potential veto-override effort in Congress could reach the two-thirds majority required in each chamber.
Everyone is beyond tired of sucky fundraising emails foretelling DOOM, but there's a better way. Joshua Karp and Jane Hughes join us on this week's episode of The Downballot to tell us how their new firm, Liftoff Campaigns, is breaking down the traditional silo between communications and digital outreach so that donors are treated like people, not piggybanks. Our guests explain why it's important for every candidate to establish their brand and earn the trust of their supporters rather than pummel them straight away with requests for money, and how best to do so.
Co-hosts David Nir and David Beard also discuss a new effort in Ohio to qualify an amendment for the November ballot that would guarantee abortion rights; the astonishing spending ratio between the two candidates running in Wisconsin's April 4 election for state Supreme Court; why GOP donors in Louisiana are desperately trying to boost an alternative candidate for governor to nutbar Attorney General Jeff Landry; and a brand-new data set from Daily Kos Elections that lets you see how every congressional and legislative district overlaps with one another and with every county in the country.