Grand Canyon Times

Rep. Andy Biggs (R-AZ) today criticized President Joe Biden's veto of a bill Biggs said would have "prevented retirement fund managers from considering woke ESG in investment decisions."

"Our retirement accounts shouldn't be depleted because of a carbon footprint or a desire to purchase a firearm," tweeted Biggs. "Insanity."

Biggs is referring to President Biden's veto of H.J. Res 30, which the president said would "disapprove of the Department of Labor’s final rule titled “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights.”

Biggs, 64, was first elected to represent Arizona’s Fifth District in 2016. The district is located within eastern Maricopa County and contains Gilbert, Queen Creek, southern and eastern Chandler, and eastern Mesa. 

H.J. Res 30 was sponsored by Rep. Andy Barr (R-KY) in the U.S. House and Senator Mike Braun (R-IN) in the U.S. Senate. Biggs was one of 119 House co-sponsors of the measure. Fellow Arizona Reps. Paul Gosar and Debbie Lesko, both Republicans, also co-sponsored the resolution.

In introducing the measure in February 2023, Barr said in a press release that the measure would "nullify the Department of Labor’s (DOL) recent rule to greenlight environmental, social, governance (ESG) investing in employer-sponsored retirement plans."

Following the veto of the resolution Barr tweeted, "President Biden has issued his first veto on a bipartisan, bicameral Congressional Review Act that would have protected middle-class investors saving for retirement. I was proud to lead this critical piece of legislation with @SenatorBraun."

Braun tweeted that, "Joe Biden’s first veto is a slap in the face to every hard working American who relies on maximizing their 401(k)s. I hope the courts do their job by reversing this abuse of your retirement funds."

The U.S. Securities and Exchange Commission describes ESG as "a way of investing in companies based on their commitment to one or more ESG factors. It is often also called sustainable investing, socially responsible investing, and impact investing."

House Speaker Kevin McCarthy (R-CA) tweeted that the president, in vetoing the measure, "sided with woke Wall Street over workers."

"Tells you exactly where his priorities lie," said McCarthy. "Now—despite a bipartisan vote to block his ESG agenda—it’s clear Biden wants Wall Street to use your retirement savings to fund his far-left political causes."

H.J. Res 30 had passed the U.S. Senate on March 1, 2023 on a 50-46 vote. Both of Arizona's U.S. senators, Synema (D) and Kelly (D), voted against the measure.  

It passed the House on February 28, 2023 on a vote of 216-204. It was supported by all six of Arizona's Republican U.S. House members and opposed by the state's three Democrat U.S. House members.

U.S. Senator Joe Manchin (D-WV), who voted in support of the measure, called the president's veto "infuriating."

“This Administration continues to prioritize their radical policy agenda over the economic, energy and national security needs of our country, and it is absolutely infuriating," said Manchin. "This ESG rule will weaken our energy, national and economic security while jeopardizing the hard-earned retirement savings of 150 million West Virginians and Americans. Despite a clear and bipartisan rejection of the rule from Congress, President Biden is choosing to put his Administration’s progressive agenda above the well-being of the American people.”