Sen. Manchin rips Biden admin’s ‘radical policy agenda’

Published

2 years ago

March 21, 2023

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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.

Politics

Why Boris’s best mate is off to Reform

Published

1 hour ago

July 10, 2025

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Former Conservative chairman and friend of Boris Johnson – Sir Jake Berry – is defecting to Reform UK, causing more problems for Tory leader Kemi Badenoch.

On today’s episode, Sky News’ Sam Coates and Politico’s Anne McElvoy discuss if his defection will divide parts of Reform policy.

Elsewhere, the Anglo-French summit gets under way, with Prime Minister Sir Keir Starmer hoping to announce a migration deal with French President Emmanuel Macron to deter small boat crossings.

Plus, chatter around Whitehall that No10 are considering a pre-summer reshuffle, but will it have any value?

US

Donald Trump praises Liberian president’s English – the country’s official language

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1 hour ago

July 10, 2025

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Donald Trump praises Liberian president's English - the country's official language

Donald Trump has praised the Liberian president’s command of English – the West African country’s official language.

The US president reacted with visible surprise to Joseph Boakai’s English-speaking skills during a White House meeting with leaders from the region on Wednesday.

After the Liberian president finished his brief remarks, Mr Trump told him he speaks “such good English” and asked: “Where did you learn to speak so beautifully?”

Mr Trump seemed surprised when Mr Boakai laughed and responded he learned in Liberia.

The US president said: “It’s beautiful English.

“I have people at this table who can’t speak nearly as well.”

Mr Boakai did not tell Mr Trump that English is the official language of Liberia.

The country was founded in 1822 with the aim of relocating freed African slaves and freeborn black citizens from the US.

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Mr Trump promised the leaders of Liberia, Senegal, Gabon, Mauritania and Guinea-Bissau a pivot from aid to trade at the surprise meeting.

He described the countries as “all very vibrant places with very valuable land, great minerals, and great oil deposits, and wonderful people”.

Later asked by a reporter if he’ll visit the continent, Mr Trump said, “At some point, I would like to go to Africa.”

But he added that he’d “have to see what the schedule looks like”.

Trump’s predecessor, President Joe Biden, promised to go to Africa in 2023, but only fulfilled the commitment by visiting Angola in December 2024, just weeks before he left office.

US

Gaza permanent ceasefire ‘questionable’, says Israeli government

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1 hour ago

July 10, 2025

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Gaza permanent ceasefire 'questionable', says Israeli government

The Israeli government believes the chances of achieving a permanent ceasefire in Gaza are “questionable”.

The pessimistic assessment, in a top-level Israeli government briefing given to Sky News, comes as the Israeli Prime Minister prepares to leave Washington DC after a four-day visit which had begun with the expectation of a ceasefire announcement.

Benjamin Netanyahu will leave the US later today with the prospect of even a temporary 60-day ceasefire looking extremely unlikely this week.

Within “a week, two weeks – not a day” is how it was framed in the background briefing late on Wednesday.

Crucially, though, on the chances of the ceasefire lasting beyond 60 days, the framing from the briefing was even less optimistic: “We will begin negotiations on a permanent settlement. But we achieve it? It’s questionable, but Hamas will not be there.”

Sky News has spoken to several Israeli officials at the top level of the government. None will be drawn on any of the details of the negotiations over concerns that public disclosure could jeopardise their chances of success.

But I have been given a very clear understanding of Mr Netanyahu’s thinking.

The Israeli position is that a permanent ceasefire (beyond the initial 60 days, which itself is yet to be agreed) is only possible if Hamas lays down its arms. “If they don’t, we’ll proceed [with the war],” said a source.

The major sticking point in the talks between Hamas and Israel is the status of the Israel Defence Forces (IDF) inside Gaza during the 60-day ceasefire and beyond, should it last longer.

The latest Israeli proposal, passed to Hamas last week, included a map showing the proposed IDF presence inside Gaza during the ceasefire.

This was rejected by Hamas and by Trump’s Middle East envoy, Steve Witkoff, who reportedly told the Israelis that the redeployment map “looks like a Smotrich plan”, a reference to the extreme-right Israeli finance minister, Bezalel Smotrich.

My briefing of Mr Netanyahu’s position is that he has not shifted in terms of Israel’s central stated war aims. The return of the hostages and eliminating Hamas are the key objectives.

But in a hint of how hard it will be to reconcile the differences, it was clear from my briefing that no permanent ceasefire is possible in the Israeli government’s view without the complete removal of Hamas as a political and military entity.

Hamas is not likely to negotiate its way to oblivion.

On the status of the Israeli military inside Gaza, a senior Israeli official told Sky News: “We would want IDF in every square metre of Gaza, and then hand it over to someone.”

It was clear to me that Mr Netanyahu wants his stated position to be that his government has no territorial ambition for Gaza.

One quote to come from my briefing, which I am only able to attribute to a senior Israeli official, says: “[We] don’t want to govern Gaza… don’t want to govern, but the first thing is, you have to defeat Hamas.”

Another clear indication of Mr Netanyahu’s position – a quote from the briefing, attributable only to a senior Israeli official: “You cannot have victory if you don’t clear out all the fighting forces.

“You have to go into every square inch unless you are not serious about victory. I am. We are going to defeat them. Those who do not disarm will die. Those who disarm will have a life.”

On the future of Gaza, it’s clear from my briefings that Mr Netanyahu continues to rule out the possibility of a two-state solution “for the foreseeable future”.

The Israeli government assessment is that the Palestinians are not going to have a state “as long as they cling to that idea of destroying our state”.

On the most controversial aspect of the Gaza conflict – the movement of the population – the briefing revealed that Mr Netanyahu’s view is that 60% of Palestinians would “choose to leave” but that Israel would allow them to return once Hamas had been eliminated.

“It’s not forcible eviction, it’s not permanent eviction,” a senior Israeli official said.

Critics of Israel’s war in Gaza say that any removal of Palestinians from Gaza, even if given the appearance of being “voluntary”, is in fact anything but, because the strip has been so comprehensively flattened.

Reacting to Israeli Defence Minister Katz’s recent statement revealing a plan to move Palestinians into a “humanitarian city” in southern Gaza, and not let them out of that area, the official wouldn’t be drawn, except to say: “As a permanent arrangement? Of course not.”