President Biden has vetoed a bill that would have prevented retirement fund managers from taking into account certain social factors such as climate impacts when making investment decisions. The bipartisan legislation sought to prevent managers from considering climate change ideology, instead of sound economics, when investing pension funds. Sen. Joe Manchin (D-W.Va.), who voted against the adoption of the environmental, social and governance (ESG) Labor Department rule, stated that it "will weaken our energy, national and economic security while jeopardizing the hard-earned retirement savings of 150 million West Virginians and Americans." Outside of Capitol Hill, the lack of context in Biden's tweet promoting the veto was noticed. Only a minority of Republicans in the House and Senate supported the rule, while Democrats, including Sen. Jon Tester (D-Mont.) opposed it.

House Republicans will try to overturn Biden's veto, however, it is unlikely to succeed, as it would require two-thirds of the lower chamber's support, a slim Republican majority, and Democratic support for it to advance to the Senate. The veto occurs amid debate on ESG investing, with some labeling it "woke capitalism" that targets certain companies, including those in the oil and gas industry, at the expense of investors. In contrast, supporters of ESG investing argue that it guides investment to issues that help society and reflects shifting trends.