President Biden vetoed a bill on Monday, that would prohibit investment managers from considering environmental, social, or corporate governance, known as ESG, factors from their risk analyses when making investment decisions. The bill would have undone a Dept. of Labor rule protecting the consideration of ESG factors in investing. “There is extensive evidence showing that environmental, social, and governance factors can have a material impact on markets, industries, and businesses,” Biden said. “Retirement plan fiduciaries should be able to consider any factor that maximizes financial returns for retirees across the country. That is not controversial — that is common sense.” (Bloomberg $, New York Times $, Politico Pro $, The Hill, CNN, Reuters, The Hill, Bloomberg $)
