Biden issues first veto on Republican-led retirement investment bill

President rejects legislation to overturn a labor department rule Republicans have denounced as ‘woke capitalism’

Joe Biden issued the first veto of his presidency, rejecting legislation to overturn a labor department rule related to an investment strategy Republicans have denounced as “woke capitalism”.

“The legislation passed by the Congress would put at risk the retirement savings of individuals across the country. They couldn’t take into consideration that would be impacted by climate, impacted by overpaying executives,” Biden said in an Oval Office video released by the White House. “And that’s why I decided to veto it.”