For Immediate Release
March 20, 2023
Communications Director & Public Information Officer
Colorado State Treasurer Dave Young's Statement on President Joe Biden's ESG Veto
COLORADO: Today, President Joe Biden issued his first veto of his presidency, rejecting House Joint Resolution (HJR) 30. The resolution would have overturned a Labor Department rule allowing fund managers to consider environmental, social and corporate governance, or ESG, factors in addition to other factors currently considered for investments and shareholder rights decisions.
“I applaud President Biden’s leadership to stop Congress’ attempt to block smart, common-sense investing,” Colorado State Treasurer Dave Young stated. “The political pushback to this rule is an effort to silence investors in the market and remove important data from the market. The demand for smart investing shouldn’t be about ideology, but about savvy investors wanting more thorough information about systemic risks. The markets function best when politicians aren't using their bully pulpit to affect the way capital flows.”