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close video Bidens ESG rule is targeting retirement security

The Next Revolution Host Steve Hilton discusses how President Bidens ESG veto will threaten the retirement funds of 152 million Americans on The Bottom Line.

Senator Joe Manchin, D-W.Va., put the Biden administration on blast Monday after President Biden carried through with his promise to veto bipartisan legislation that would have killed a regulation that encourages private retirement plan fiduciaries to consider environment, social and governance (ESG) factors when making investment decisions for over 150 million Americans.

Manchin, who was one of two Senate Democrats to vote with Republicans to nullify the proposed Department of Labor (DOL) rule, issued a heated statement Monday condemning the Biden administration for, in his view, prioritizing politics over securing the best financial returns for Americans. The other was Sen. Jon Tester, D-Mont. 

"This Administration continues to prioritize their radical policy agenda over the economic, energy and national security needs of our country, and it is absolutely infuriating," Manchin said. 

"West Virginians are under increasing stress as we continue to recover from a once in a generation pandemic, pay the bills amid record inflation, and face the largest land war in Europe since World War II," his statement continued. "The Administration’s unrelenting campaign to advance a radical social and environmental agenda is only exacerbating these challenges." 

JOE BIDEN ISSUES FIRST VETO, REJECTING ATTEMPT TO BLOCK ESG EFFORT

Senator Joe Manchin called the Department of Labor’s proposed ESG rule part of President Biden’s “radical policy agenda.” (Kevin Dietsch/Getty Images / Getty Images)

"This ESG rule will weaken our energy, national and economic security while jeopardizing the hard-earned retirement savings of 150 million West Virginians and Americans," Manchin said. "Despite a clear and bipartisan rejection of the rule from Congress, President Biden is choosing to put his Administration’s progressive agenda above the well-being of the American people."

The White House had given Congress notice that Biden intended to veto the nullification resolution after it passed 216-204 in the House and 50-46 in the Senate. 

In a statement accompanying his veto, Biden defended the rule, arguing that it allows retirement plan fiduciaries to make "fully informed" investment decisions. 

"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," the president said. 

WHAT IS ESG? INVESTING WITH ENVIRONMENTAL, SOCIAL AND GOVERNANCE IN MIND

President Biden vetoed a congressional resolution that would have nullified his ESG rule, arguing that retirement plan fiduciaries should be able to consider factors such as the “physical risk of climate change” or “poor corporate governance” when ma (AP / AP Newsroom)

Biden argued that retirement plan fiduciaries should be able to consider factors such as the "physical risk of climate change" or "poor corporate governance" when making investment decisions and said this rule will enable them to do so. 

ESG standards are increasingly used by investors and asset managers to guide their decision-making.

The environmental factors considered often include how a corporation contributes to pollution or climate change. Social criteria examine a company's relationship with employees, ethics, engagement with nonprofits and stake in the community. Governance considers the corporation's leadership, overall ethics and standards, and it includes the makeup of the board of directors and the recipients of their donations. 

Lawmakers opposed to the DOL rule have said ESG standards advance a left-wing political agenda in business and have expressed fears that so-called "woke" corporations and investors will bully firms that do not comply with that agenda. Those in favor of ESG standards, such as Senate Majority Leader Chuck Schumer, D-N.Y., have said if the free market wants to use ESG factors for investing, politicians should not interfere.

DEMOCRAT-LED ESG RULES WILL 'KILL' MAIN STREET, CEO WARNS

Investors are increasingly weighing ESG factors like impact on climate change and commitment to diversity to make their investment decisions. (Michael Nagle/Bloomberg via Getty Images / Getty Images)

"ESG opponents are trying to turn it into a dirty acronym, deploying attacks they have long used for elements of a so-called woke agenda. They call ESG wokeness. They call it a cult. They call it an incursion into free markets," Schumer wrote in an op-ed for The Wall Street Journal earlier this month. "We’ve heard it all before. I say ESG is just common sense." 

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With Biden's veto, the nullification resolution heads back to Congress, where two-thirds in both chambers of the legislature are required to override the president's veto. It was the first veto of Biden's presidency, and it does not appear ESG opponents have enough votes to undo it.

Fox News' Kelly Laco and Haley Chi-Sing contributed to this report.

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Reds: 1st since 1960 to lose 3 straight by 1-0

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Reds: 1st since 1960 to lose 3 straight by 1-0

MILWAUKEE — The Cincinnati Reds lost 1-0 to the Milwaukee Brewers on Thursday night to become only the second team in the live-ball era (since 1920) to lose three consecutive 1-0 games.

The Reds joined the Philadelphia Phillies, who lost three straight in the same fashion in 1960, according to ESPN Research.

“Nobody’s happy with what’s happened the last three games,” Reds manager Terry Francona said after the string of 1-0 losses continued in the opener of a four-game series at Milwaukee. “We’ll figure it out together. I feel strongly about that.”

Cincinnati’s lineup showcased its potential Monday in a 14-3 victory over the Texas Rangers, but the Reds haven’t scored since.

Texas’ Nathan Eovaldi outdueled Carson Spiers on Tuesday. Jack Leiter and four Texas relievers combined for 10 strikeouts Wednesday as the Reds wasted a brilliant performance from Hunter Greene.

Milwaukee’s Nestor Cortes shut down Cincinnati on Thursday, allowing one hit, striking out six and walking two over six innings.

Cincinnati’s Nick Lodolo gave up four hits and one unearned run in 6⅔ innings Thursday, but he took the loss because the Reds mustered just two hits.

“It’s part of the game, you know?” Lodolo said. “I’ll be honest with you. Obviously I want us to score, but I’m not really thinking about it. I’ve got to do my job at the end of the day, regardless. We’ll turn it around. I guarantee that.”

That’s the attitude Francona wants to see from his pitchers as Cincinnati’s hitters try to break out of their slump.

“We’re not going to have a situation where it’s ‘us’ when we win and it’s ‘they’ when we lose,” Francona said. “We’ll do this together.”

Francona said there’s no common thread between the games that explains his lineup’s struggles. The Reds have faced different styles of pitchers each time.

Eovaldi is a veteran right-hander who went the distance while allowing four hits and no walks. Leiter’s a hard-throwing rookie right-hander. Cortes, a veteran left-hander, doesn’t have the velocity of Eovaldi or Leiter but effectively mixed his cutter and changeup with his fastball.

Cincinnati’s struggles Thursday may have been particularly frustrating because Cortes looked so awful in his last start, a 20-9 loss to the New York Yankees. Cortes allowed homers on each of his first three pitches that day and ended up yielding eight hits and five walks in two innings of a game that drew attention to the Yankees’ use of “torpedo bats.”

The Reds made Cortes look like an entirely different pitcher.

“It was embarrassing, what happened to me last time,” Cortes said. “I think, as a starter, you’ve got 30 or 32 of these. There’s going to be a lot of bad ones throughout the way. You’ve just got to learn how to brush them off and go to the next one. That’s what I did.”

The Reds’ lone hit off Cortes came from Jose Trevino, who delivered a one-out double in the third off his former Yankees teammate. Cincinnati’s only other hit Thursday was a single by Jeimer Candelario off Elvis Peguero in the seventh.

Cincinnati has a combined nine hits, three walks and 27 strikeouts during the skid.

“To be totally honest, you see this all the time throughout a baseball season,” Trevino said. “Pitchers will pick up the hitters and the hitters will pick up the pitchers. It will all switch at some point. We’re going to need them. They’re going to need us. And at some point, we’re all going to be together. That’s just how the baseball season goes.

“Right now, our pitchers are doing really well and our hitters, we’re grinding. It’s not like we’re out there trying to give outs away. We’re out there putting some good at-bats together. We’re going to turn this thing around. I have full confidence in this team.”

The Associated Press contributed to this report.

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Dodgers’ Freeman placed on IL after shower slip

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Dodgers' Freeman placed on IL after shower slip

Los Angeles Dodgers first baseman Freddie Freeman, who slipped and fell in the shower Sunday morning, was put on the injured list for his ankle injury, the team announced Thursday.

The move is retroactive to Monday. He hasn’t played since Saturday and is 3-for-12 this season with two home runs and four RBIs.

The incident happened at home during the Dodgers’ off day. Freeman’s wife had to drive him to Dodger Stadium on Sunday for a three-hour treatment session. By the time it was over, he was able to drive himself home. An X-ray showed no serious damage.

Freeman sprained his right ankle on a play at first base in late September and struggled in the first two rounds of the postseason, but it was hardly evident during the World Series. He homered in the first four games and had 12 RBIs, earning the World Series MVP award as the Dodgers beat the New York Yankees in five games.

He had debridement surgery in December to remove loose bodies in the ankle.

The Dodgers (8-0) begin a three-game series at the Philadelphia Phillies on Friday.

The Associated Press contributed to this report.

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Judge gets 500th extra-base hit; 3rd-fastest Yank

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Judge gets 500th extra-base hit; 3rd-fastest Yank

NEW YORK — Aaron Judge smiled and perhaps blushed when informed of Jazz Chisholm Jr.’s praise.

“We all tell him every day: ‘Hey, we want to be you when we grow up,'” Chisholm said after Judge became the third-fastest New York Yankees player to reach 500 extra-base hits with a three-run homer in the first inning of Thursday night’s 9-7 win over the Arizona Diamondbacks.

And the two players who reached the mark in fewer games than Judge? Joe DiMaggio and Lou Gehrig.

“When I’m an old man coming to Old-Timers Day, I can look back and we can joke about it and laugh about it,” Judge said.

Coming off his second American League MVP award, Judge fell a triple short of the cycle and is hitting .417 with five homers and 15 RBIs in the first six games this season. He has 320 homers, 175 doubles and five triples in 999 games, and only DiMaggio (853) and Gehrig (869) reached 500 extra-base hits in fewer games among Yankees.

“I feel like he’s still getting there, which is remarkable,” Yankees manager Aaron Boone said. “It’s that part of me that takes him for granted a little bit. I just feel like he should get an extra-base hit every time. I kind of say it out loud just to try and remind myself what we’re watching every day.”

Judge lined a 1-1 fastball from Merrill Kelly at 112.1 mph to the opposite field and into the Yankees’ bullpen for a 3-0 lead. He added a run-scoring single in the fourth inning as the Yankees moved ahead 7-3 and hit a 111.3 mph double in the sixth. He also flied out and hit a 109.5 mph groundout.

“I’m like, did you miss that one?” Boone recalled, laughing. “I catch myself having these ridiculous conversations with him sometimes, just because he keeps setting the bar so darn high.”

Judge knows he’s in for ribbing when he singles or doubles.

“He gives me a little smirk when I get on base like that,” he said.

Judge also stole his first base of the season, as did Chisholm. Judge swiped 10 last year to Chisholm’s 40.

“I told him I was going to catch him in stolen bases this year,” Judge said playfully.

“He’s starting to steal bags now. It’s just getting ridiculous out of him, man,” Chisholm said.

Chisholm and Trent Grisham hit two-run homers off Kelly (1-1), who allowed a career-high nine runs, nine hits and three walks in 3 2/3 innings. Chisholm is hitting .292 with four homers and eight RBIs.

“I’m OK compared to him. I’m trying to get to his level right now,” Chisholm said of Judge. “I told him I’m not going to try to fall behind him too far. I got to keep up with him.”

New York had 22 homers on a 4-2 opening homestand, five more than any other team ever hit in its first six games. Even though it was game No. 6, the Yankees felt an urgency after losing the Tuesday and Wednesday.

“Big G said a couple words before the game, just about this was our home turf. We got to go out there and we don’t get swept at home,” he said of Giancarlo Stanton. “Guys took that to heart.”

Carlos Carrasco (1-0) got his first Yankees win, giving up three runs and five hits in 5 1/3 innings. After New York opened a 9-3 lead, Geraldo Perdomo hit a seventh-inning grand slam off Ryan Yarbrough. Luke Weaver got four outs for his first save this season, ending Arizona’s three-game winning streak.

Judge repeatedly refers to last year’s World Series loss to the Los Angeles Dodgers. It weighs on him far more than historical accomplishments.

“Especially after last season where we weren’t able to finish the job, guys are motivated to go out and do something special,” he said. “It starts every game you play.”

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