Biden issues first veto of presidency over attempt to change ESG rules

President Joe Biden on Monday vetoed an attempt to change rules in retirement plans that dictate how much managers consider climate change, corporate board diversity and other factors when picking stocks and funds. It was the first veto of his presidency. Biden in a statement said fiduciaries “should be able to consider any factor that maximizes financial returns for retirees across the country.” Congress passed the bill earlier this month, leading to expectations Biden would reject it.

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