For the first time since his election to the White House in November 2020, President Joe Biden used his right of veto on March 20, 2023. This was to reject the law limiting “responsible investments” in pension funds.
At the initiative of the Republicans, Congress had adopted three weeks earlier a text prohibiting fund managers from taking into account environmental, social or governance (ESG) criteria in their investments.
This ban threatens
“savings for retirement by making it illegal to take risk factors into account”
(environmental), justified the White House in a press release.
This is a new episode in the quarrel raging across the Atlantic between the proponents of “responsible capitalism” and their opponents who see it as an unacceptable ideological drift.
When the veto was announced, House Speaker Republican Kevin McCarthy stigmatized Biden:
“He wants Wall Street…
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