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President Joe Biden issued his first veto Monday after Congress voted to block a Labor Department rule allowing retirement plans to weigh the long-term impacts of social factors and climate change on investments — a move Republicans say is a "woke" policy that hurts retirees' pockets.
"I just signed this veto because the legislation passed by the Congress would put at risk retirement savings of individuals across the country," Biden said in a video posted to Twitter. "They couldn't take into consideration investments that would be impacted by climate impacted by overpaying executives."
Senate Republicans, along with two Democrats, voted on the measure March 1, needing only a simple majority for it to pass. Sens. Jon Tester, D-Mont., and Joe Manchin, D-W.Va., who are both up for reelection next year in Republican states, voted with Republicans.