Biden protects ESG investing, against MTG's wishes
On March 20, President Joe Biden issued his first presidential veto and it was used to stop Republican legislators from striking out a rule that features in guidance applied by investment fund managers. What's more notable, is that he called out Georgia's Marjorie Taylor-Greene as he announced it.
The rule - that Republicans like Taylor-Greene wanted to eradicate - allows retirement plan managers to be guided by environmental and social issues (known collectively as ESG factors) when making decisions about investments. The president shared his reason for vetoing the action, and singled out Georgia's Marjorie Taylor-Greene as one of those who were supportive of it.
Republicans rage against ESG
ESG has become one of the many things that far-right Republicans object to, as a so-called 'woke' concept, and as such, they wanted such factors to be eradicated from guidance provided to fund managers.
In a tweet on the topic, President Biden stated:
"This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don't like. Your plan manager should be able to protect your hard-earned savings — whether Rep. Marjorie Taylor Greene likes it or not."
The very notion of ESG investing is something that draws the ire of Republicans across the United States. In neighboring Florida, Governor Ron DeSantis (who has recently also come under verbal fire from Marjorie Taylor-Greene), decreed that state treasury would be withdrawn from investing firms who used ESG factors as part of their investment strategy.
There's certainly no love lost between Biden and Taylor-Greene, and his attempt to shame her by naming her personally in his tweet is just the latest example of the tension that exists between them. MTG was quick to react to Biden's tweet, accusing him of doing more harm to American retirement funds than anyone else, and also of receiving regular payments from Chinese sources - something that has yet to be substantiated.
Earlier this month, Taylor-Greene also made throwaway remarks that Biden was in business with Mexican drug cartels, hence the reason why he had done so little to tackle the southern border crisis and the flow of the illegal drug fentanyl across the border.
In February, as Biden prepared to give his State-of-the-Union address, Taylor-Greene carried out another stunt, walking the halls of Congress while dragging a large white balloon behind her. It was an apparent reference to the recent episode involving a Chinese surveillance balloon having been spotted floating through American airspace.
Later that same day, Taylor-Greene was seen on TV heckling Biden, and shouting "Liar" at key points during his address.
Biden is unlikely to be that concerned over MTG's words, and she's likely more focused at present on the impending arrest of Donald Trump. It is interesting though that as ever, the Georgia Republican seems more concerned about grabbing headlines rather than serving the needs and interests of those Georgians who elected her to office.
Do you think that Marjorie Taylor-Greene should be more concerned about her actions in service of Georgia, or about picking and fighting feuds with Democrats (and other Republicans)? Let me know your thoughts in the comments section below.
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