Both the U.S. House and Senate voted this week to rescind a Department of Labor (DOL) rule that allows retirement fund managers to consider climate change and other environmental, social and governance (ESG) factors when choosing where to invest. Democrats Joe Manchin and Jon Tester joined Senate Republicans to pass the measure 50 to 46 on Wednesday, following House passage on Tuesday.

“This isn’t about ideological preference, it’s about looking at the biggest picture possible for investments to minimize risk and maximize returns,” Senate Majority Leader Chuck Schumer said Wednesday, adding it’s a narrow rule “literally allowing the free market to do its work.”

More than $18 trillion is held in investment funds that follow ESG principles, which have been routine on Wall Street for years, adopted by major global corporations, and popular across all types of investors. President Biden has pledged to veto any bill that would overturn the DOL rule. (CNN, Reuters, The Hill, MarketWatch, New York Times $, Wall Street Journal $, Bloomberg $, ESG Explainer: AP)