The Senate took a step towards overturning the Labor Department's ruling that allows fiduciary retirement fund managers to consider environmental, social and corporate governance (ESG) factors when making investment decisions. The joint resolution measure passed with a 50-46 vote, but is set to be blocked when it arrives at the White House, as President Joe Biden has promised the first veto of his presidency.

Republicans have said this rule is part of a broader agenda of "woke capitalism," which includes a range of actions taken by corporations and investment firms reflecting liberal political influence. Majority Leader Chuck Schumer (D-NY) came to the Senate floor to defend it saying nothing in the Labor Department rule mandates it, only "allows the free market to do its work" by minimizing risk and maximizing returns.

Senator Shelley Moore Capito from West Virginia questioned the motives behind the rule, claiming the "