On Wednesday, the U.S. Senate passed a resolution to block retirement account managers from considering environmental, social, and corporate governance principles (ESG) when evaluating investments in retirement plans. The measure was primarily supported by Republicans who have long opposed expanding beyond traditional profit-based investment decisions. However, the White House responded that President Joe Biden will veto the resolution, maintaining the current policy that allows managers to consider ESG issues.

Senate Minority Leader Mitch McConnell (R-KY) argued strenuously for the measure, claiming that retirement savings could be "garnished" for liberal political goals. Major Democrats, including Senate Majority Leader Chuck Schumer (D-NY), countered that the measure does not actually require ESG investments, but simply allows it among investment options. Schumer further noted that some Republicans have supported considering other factors such as ties to Russia or China.