FOR IMMEDIATE RELEASE

March 20, 2023

CONTACT
Carter Dougherty
carter@ourfinancialsecurity.org
(202) 251-6700

Biden Sides with Workers on First Veto

Washington, D.C. – President Biden vetoed a misguided Congressional Review Act resolution that sought to nullify a Department of Labor rule that protects workers and their life savings.

“Today, President Biden sided with workers,” said Natalia Renta, senior policy counsel for corporate governance and power at Americans for Financial Reform. “His first veto stopped a Republican-led, politically-motivated attack on workers’ retirement security and investor’s voice dead on its tracks.”

Opposition to the Department of Labor rule is part of a larger Republican effort — unpopular with voters — to oppose responsible investing, workers’ pension power, and corporate accountability. This anti-ESG effort has faced significant setbacks at the state level in recent months, including in Wyoming, North Dakota, Arizona, and Kentucky.

“Republicans’ attempts to imbue ‘ESG’ with false meaning, vilify it, and legislate against it has suffered numerous, recent failures at the state level,” said Renta. “President Biden dealt it another blow by standing up to misguided attacks on workers, their money, and their future.”

Read our letter to the Hill for more information. The letter was co-led by Americans for Financial Reform and Public Citizen and has over 60 organizational signatories.  

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