Senate kills Biden ESG investment rule in stunning rebuke

The Senate on Wednesday passed a disapproval resolution, formally killing a Biden administration Department of Labor rule that encourages private retirement plan fiduciaries to consider environment, social and governance (ESG) factors when making investment decisions for over 150 million Americans.

The measure, which only required a simple majority to pass, passed the threshold in a 50-46 vote. The House of Representatives passed it Tuesday in a 216-204 vote, with only one Democrat voting for the bill.

Two Democrats voted for the bill in the Senate: Joe Manchin of West Virginia and Jon Tester of Montana.