Today, the Senate passed a resolution that would scrap President Joe Biden’s environmental, social, and governance (ESG) rule. The resolution passed 50-46 with two Senate Democrats voting with Republicans. This bill now goes to the President’s desk, where he will likely veto it.
The ESG rule is an attempt by Wall Street asset managers and activist investors to push private companies to adopt leftist positions such as combatting climate change, advocating racial justice, and diversity requirements. This has been seen in many cases across the country where these organizations have tried to make their agendas become reality.
Republicans are calling this move an attempt “to circumvent the democratic process to advance an inherently political agenda” and “to take advantage of hardworking Americans and attempt to circumvent the democratic process to push [their] agenda.” They have also expressed concern about how this will harm American workers if it were allowed to go forward.
It is expected that President Biden will veto this resolution when it reaches his desk, but Republicans are hopeful that they can get enough votes in Congress to override his veto. If they can do this, they will be able to stop the ESG rule from going into effect and protect American workers from being taken advantage of by Wall Street asset managers and activist investors looking for their own gain at others’ expense.