 Congress sends Biden legislation to prevent woke 401ks. On Wednesday, the United States Senate passed legislation prohibiting retirement account managers from considering environmental, social, and corporate governance principles, ESG, when evaluating investments in retirement plans. The joint resolution measure, which was approved by a vote of 50 to 46, seeks to overturn a Labor Department rule that currently allows fiduciaries to consider those factors. However, it is expected to be vetoed when it arrives at the White House, marking President Biden's first veto since taking office. The vote on Wednesday afternoon was the most visible yet from Republicans seeking to reverse a decades-long trend in corporate America of considering factors such as environmental impact in addition to profits when making investment decisions. Senate Minority Leader Mitch McConnell, RKY, argued for the bill in a recent speech, saying, in effect, we're talking about letting financial companies garnish workers' retirement savings without their permission in order to pursue unrelated liberal political goals. Most Democrats argue that the criticism of the rule is exaggerated because it does not require retirement plans to include ESG considerations. It simply provides the option. I come to the floor somewhat perplexed, Senate Majority Leader Chuck Schumer, DNY, said his voting began Wednesday, claiming that the heart right has made a lot of noise trying to make ESG their dirty little acronym. Schumer expanded on his argument in a Wall Street Journal op-ed published Tuesday, noting that Republicans have also advocated for making money managers consider factors that don't strictly relate to financial returns, such as ties to Russia or China. What do you think about financial firms garnishing employees' retirement savings without their permission? This is a big deal, and it's not a good one. Please share your thoughts in the comment section.