<p>US President Joe Biden on Monday used his veto power for the first time and overrode a Republican-led bill that, as per AFP, would have barred&nbsp;retirement fund asset managers from taking into account environmental, social and governance (ESG) factors. Republicans claim that the so-called ESG factors amount to political interference.</p>

<p>Announcing his first veto on Twitter, Biden wrote that the Republican bill "would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don't like."</p>

<p>Here, MAGA stands for Make America Great Again, a political slogan Donald Trump and his followers popularised.&nbsp;</p>

<p>"Your plan manager should be able to protect your hard-earned savings," he added.</p>

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<p dir="ltr" lang="en">I just vetoed my first bill.<br />
<br />
This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don't like.<br />
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Your plan manager should be able to protect your hard-earned savings — whether Rep. Marjorie Taylor Greene likes it or not. <a href="https://t.co/PxuoJBdEee">pic.twitter.com/PxuoJBdEee</a></p>
— President Biden (@POTUS) <a href="https://twitter.com/POTUS/status/1637860509432045591?ref_src=twsrc%5Etfw">March 20, 2023</a></blockquote>
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<p>Supporters of the Republican bill allege the ESG factors are driven by 'woke' leftist social concerns and should not be part of financial transactions.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/world/us-citizen-freed-from-west-africa-after-six-years-says-president-bidens-national-security-adviser-573982">US citizen freed from West Africa after six years, says President Biden’s national security adviser</a></strong></p>

<p>Democrats, however, contest that as long as the investment fund is meeting its obligations to its beneficiaries, the policy is neutral on how the said ESG factors are taken into consideration.&nbsp;</p>

<p>The Republican bill, as per Reuters, cleared the US congress earlier this month. The US Senate voted &nbsp;50-46 to adopt the resolution which seeks to overturn a US Labor Department rule, making it easier for fund managers to consider ESG factors, etc.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/world/us-prepares-for-the-unprecedented-possible-arrest-of-a-former-president-trump-574020">US prepares for the unthinkable, possible arrest of a former president</a></strong></p>

<p>Former US president Trump, in 2020, had issued a rule that was expected to discourage the consideration of environmental and social factors in this type of investment.&nbsp;</p>

<p>In November of last year, Biden's administration undid the move which sought to penalise fund managers for considering climate change in their decision-making.</p>

<p><em>(With inputs from agencies)</em></p>

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US President Joe Biden on Monday used his veto power for the first time and overrode a Republican-led bill that, as per AFP, would have barred retirement fund asset managers from taking into account environmental, social and governance (ESG) factors.

US President Joe Biden on Monday used his veto power for the first time and overrode a Republican-led bill that, as per AFP, would have barred retirement fund asset managers from taking into account environmental, social and governance (ESG) factors. Republicans claim that the so-called ESG factors amount to political interference. Announcing his first veto on Twitter, Biden wrote that the Republican bill "would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don't like." Here, MAGA stands for Make America Great Again, a political slogan Donald Trump and his followers popularised. "Your plan manager should be able to protect your hard-earned savings," he added. I just vetoed my first bill. This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don't like. Your plan manager should be able to protect your hard-earned savings — whether Rep. Marjorie Taylor Greene likes it or not. pic.twitter.com/PxuoJBdEee — President Biden (@POTUS) March 20, 2023 × Supporters of the Republican bill allege the ESG factors are driven by 'woke' leftist social concerns and should not be part of financial transactions. Also read | US citizen freed from West Africa after six years, says President Biden’s national security adviser Democrats, however, contest that as long as the investment fund is meeting its obligations to its beneficiaries, the policy is neutral on how the said ESG factors are taken into consideration. The Republican bill, as per Reuters, cleared the US congress earlier this month. The US Senate voted 50-46 to adopt the resolution which seeks to overturn a US Labor Department rule, making it easier for fund managers to consider ESG factors, etc. Also read | US prepares for the unthinkable, possible arrest of a former president Former US president Trump, in 2020, had issued a rule that was expected to discourage the consideration of environmental and social factors in this type of investment. In November of last year, Biden's administration undid the move which sought to penalise fund managers for considering climate change in their decision-making. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US President Biden uses first veto to block Republican anti-ESG funds bill

<p>The Wall Street Journal reported that the US Securities and Exchange Commission is investigating Goldman Sachs Group Inc's asset-management division.</p>

<p>Citing people familiar with the matter, Wall Street Journal report asset-management division is being probed over its funds that look to invest based on environmental, social, and governance (ESG) standards.</p>

<p>Goldman Sachs, which manages at least four funds that have clean-energy or ESG in their names, is an American multinational investment bank and financial services company headquartered in New York City.</p>

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<p>The investigation comes after the SEC proposed a pair of rule changes aimed at stamping out unfounded claims by funds on their ESG credentials.</p>

<p>Goldman sustained a big drop in revenues from asset management and equity and debt underwriting, offset by strong activity in some trading divisions amid market volatility.</p>

<p>According to the company's Chief Executive David Solomon, the results also included a $300 million hit from Russia.</p>

<p>Solomon described Goldman's exposure to the conflict as "relatively limited," saying the bank has been focused on reducing exposure.</p>

<p>Goldman's reputation was marred when a New York jury convicted its former managing director Roger Ng guilty for his role in propagating a massive bribery and money laundering scheme involving a state-owned Malaysian investment fund.</p>

<p><em>(With inputs from agencies)</em></p>

<p><strong>WATCH WION LIVE HERE</strong></p>

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The Wall Street Journal reported that the US Securities and Exchange Commission is investigating Goldman Sachs Group Inc's asset-management division. Citing people familiar with the matter, Wall Street Journal report asset-management division is being probed over its funds that look to invest based on environmental, social, and governance (ESG) standards.

The Wall Street Journal reported that the US Securities and Exchange Commission is investigating Goldman Sachs Group Inc's asset-management division. Citing people familiar with the matter, Wall Street Journal report asset-management division is being probed over its funds that look to invest based on environmental, social, and governance (ESG) standards. Goldman Sachs, which manages at least four funds that have clean-energy or ESG in their names, is an American multinational investment bank and financial services company headquartered in New York City. The investigation comes after the SEC proposed a pair of rule changes aimed at stamping out unfounded claims by funds on their ESG credentials. Goldman sustained a big drop in revenues from asset management and equity and debt underwriting, offset by strong activity in some trading divisions amid market volatility. According to the company's Chief Executive David Solomon, the results also included a $300 million hit from Russia. Solomon described Goldman's exposure to the conflict as "relatively limited," saying the bank has been focused on reducing exposure. Goldman's reputation was marred when a New York jury convicted its former managing director Roger Ng guilty for his role in propagating a massive bribery and money laundering scheme involving a state-owned Malaysian investment fund. (With inputs from agencies) WATCH WION LIVE HERE

Report says US SEC is investigating Goldman Sachs Group Inc's asset-management division

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US President Biden uses first veto to block Republican anti-ESG funds bill

Report says US SEC is investigating Goldman Sachs Group Inc's asset-management division