The Progressive


A project of Common Dreams

For Immediate Release
Contact: Phone: (202) 588-1000

With Veto, Biden Moves to Protect Access to Crucial Retirement Investment Data

President Joe Biden today issued the first veto of his Presidency, upholding a Department of Labor rule intended to protect access to crucial information on companies’ environmental, social, and governance (ESG) risks and opportunities. The rule allows fiduciaries charged with managing private-sector retirement savings to take long-term risks into account.

Rachel Curley, democracy advocate with Public Citizen, issued the following statement:

“President Biden’s veto marks an important milestone in his support for American workers. Responsible investing requires deep consideration of the myriad of risks and opportunities companies face both now and in the future. Congress’ efforts to overturn this rule would have blocked a vital tool for retirement plan managers to maximize returns and minimize risk for their clients. We must protect Americans’ hard-earned savings from the politicians looking to benefit from a headline.”

Public Citizen is a nonprofit consumer advocacy organization that champions the public interest in the halls of power. We defend democracy, resist corporate power and work to ensure that government works for the people - not for big corporations. Founded in 1971, we now have 500,000 members and supporters throughout the country.

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