KEY POINTS
- The Senate voted to overturn a Labor Department rule that permits fiduciary retirement fund managers to consider environmental, social, and corporate governance, or ESG, factors in their investment decisions.
- President Joe Biden plans to veto the bill if it comes to his desk — the first veto of his presidency.
- Republicans say the ESG investing rule is part of a broader trend of “woke capitalism,” which includes a range of actions taken by corporations and investment firms that critics say reflect liberal political influence.