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Jerry Bowyer: President Biden’s Veto

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President Biden has issued only one veto so far, and he used it to protect gigantic Wall Street firms such as Blackrock who use an approach to investing called ESG, which imports social factors into financial decision-making. 

The Trump administration had—rightfully—told pension managers that they could only use ESG in the investment process if they could make the case that such factors would likely improve the financial returns for retirees. 

That’s the standard to which pensions have historically been held. Managers have a fiduciary duty to focus on one thing: The financial good of retirees. 

When, for example, a state treasurer is making decisions about the future retirements of school teachers and firefighters, politics should be left out of it. Retirees and their widows and orphans deserve nothing less. 

The president’s veto sided with the big boys and against the little guys—and with woke politics over faithful fiscal management.

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