The leftist agenda put forth by the Democrats is concerning; their radical anti-capitalist policies are seen as a threat to independent businesses and could put jobs at risk.
Daily Caller reports, Sen. Joe Manchin of West Virginia said Wednesday that the Biden administration’s Environmental, Social, and Governance (ESG) investments and climate regulations threaten the whole economy.
In addition to or instead of strictly looking at a corporation’s profitability, ESG, also known as “sustainable investing,” considers corporate policies on gun control, environmental issues, abortion and other concerns.
In November, Manchin and Democratic Sen. Jon Tester of Montana voted with 48 Republicans to overturn regulations issued by the Securities and Exchange Commission (SEC) that would have allowed retirement fund managers to utilize ESG. House members voted Tuesday to scrap the rule, but President Joe Biden is threatening to veto it.
It won’t be long before President Biden issues his first veto after moderate Senate Democrats helped Republicans pass a measure undoing a rule on environmental and social investments.
President Biden threatened to veto the rollback, which allows retirement plan managers to consider climate and social factors when making investment decisions. As a result, it reverses a rule that discouraged investing in environmentally and socially focused investments under the Trump administration. It has been criticized as a threat to retirement savers since it would allow political forces to take precedence over returns.
Tester released a statement on the critical vote saying “At a time when working families are dealing with higher costs, from health care to housing, we need to be focused on ensuring Montanans’ retirement savings are on the strongest footing possible, I’m opposing this Biden Administration rule because I believe it undermines retirement accounts for working Montanans and is wrong for my state.”
This warning to the Biden administration has exposed certain truths about the Democrats’ war on American businesses and jobs, along with a deeper look into their extreme agenda which places ideology over prosperity for everyday Americans. The fight against this environmental extremism is just beginning, and it will be key in determining what economic policy looks like for our country moving forward.