[House Document 118-18]
[From the U.S. Government Publishing Office]




118th Congress, 1st Session - - - - - - - - - - - House Document 118-18
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                      VETO MESSAGE ON H.J. RES. 30

                               __________

                                MESSAGE

                                 FROM

                     THE PRESIDENT OF THE UNITED STATES

                              TRANSMITTING

                      VETO MESSAGE ON H.J. RES. 30



             [GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]


                 March 21, 2023.--Ordered to be printed
                 
                               ________

                   U.S. GOVERNMENT PUBLISHING OFFICE

39-011                     WASHINGTON : 2023        








To the House of Representatives:
    I am returning herewith without my approval H.J. Res. 30, a 
resolution that would disapprove of the Department of Labor's 
final rule titled ``Prudence and Loyalty in Selecting Plan 
Investments and Exercising Shareholder Rights.''
    The Department of Labor's final rule protects the hard-
earned life savings and pensions of tens of millions of workers 
and retirees across the country. It allows retirement plan 
fiduciaries to make fully informed investment decisions by 
considering all relevant factors that might impact a 
prospective investment, while ensuring that investment 
decisions made by retirement plan fiduciaries maximize 
financial returns for retirees.
    There is extensive evidence showing that environmental, 
social, and governance factors can have a material impact on 
markets, industries, and businesses. But the Republican-led 
resolution would force retirement managers to ignore these 
relevant risk factors, disregarding the principles of free 
markets and jeopardizing the life savings of working families 
and retirees. In fact, this resolution would prevent retirement 
plan fiduciaries from taking into account factors, such as the 
physical risks of climate change and poor corporate governance, 
that could affect investment returns.
    Retirement plan fiduciaries should be able to consider any 
factor that maximizes financial returns for retirees across the 
country. That is not controversial--that is common sense.
    Therefore, I am vetoing this resolution.

                                               Joseph R. Biden, Jr.
    The White House, March 20, 2023.