[Congressional Record Volume 169, Number 51 (Tuesday, March 21, 2023)]
[House]
[Pages H1299-H1300]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 PROVIDING FOR CONGRESSIONAL DISAPPROVAL OF THE RULE SUBMITTED BY THE 
  DEPARTMENT OF LABOR RELATING TO ``PRUDENCE AND LOYALTY IN SELECTING 
PLAN INVESTMENTS AND EXERCISING SHAREHOLDER RIGHTS''--VETO MESSAGE FROM 
        THE PRESIDENT OF THE UNITED STATES (H. DOC. NO. 118-18)

  The SPEAKER pro tempore laid before the House the following veto 
message from the President of the United States:

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.

[[Page H1300]]

  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.

  The SPEAKER pro tempore. The objections of the President will be 
spread at large upon the Journal, and the veto message and the joint 
resolution will be printed as a House document.
  Pursuant to section 4 of House Resolution 199, further consideration 
of the veto message and the joint resolution will be postponed until 
Thursday, March 23, 2023.

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