Bank Failures Highlight Risks of Using ESG in Americans’ Pension Funds

Asset Managers Dispute Biden’s Claim That ‘Extensive Evidence’ Supports ESG Investing

Silicon Valley Bank customers wait in line at SVB headquarters in Santa Clara, Calif., on March 13, 2023. Noah Berger/AFP via Getty Images

President Joe Biden used his veto power on Monday to block a bipartisan action from Congress that would have prevented pension fund managers from investing retirees’ money according to environmental and social-justice criteria.

“There is extensive evidence showing that environmental, social, and governance factors can have a material impact on markets, industries, and businesses,” Biden stated.