Posts tagged Congressional Review Act

    Biden set for first veto on Senate bill opposing climate-friendly investing

    March 2, 2023 // President Biden is expected to issue the first veto of his presidency after the Senate passed a bill Wednesday that would revoke a Labor Department rule allowing the managers of the agency’s vast retirement funds to use climate-oriented and social criteria when making investments. The Senate passed the measure after Sens. Jon Tester (D-Mont.) and Joe Manchin III (D-W.Va.) crossed party lines and joined the Republicans, providing the key pieces of the 50-46 majority needed. Both senators are up for reelection next year in heavily Republican states. Four senators abstained. The House passed the bill on Tuesday. The measure takes aim at big asset managers who often use criteria that they believe are crucial for building a portfolio that can withstand changes, especially climate changes, over the coming years. These criteria are known as ESG — environmental, social and governance — and have become sensitive political and cultural touchstones, with critics calling them evidence of “woke” financial institutions.

    Associated Builders and Contractors addresses Sen. Sanders Budget Committee Hearing and Misleading Allegations

    May 8, 2022 // The CRA states that, once an agency rule is disapproved by Congress, such a rule may not be issued in “substantially the same form,” unless it is expressly authorized by a subsequent law. A regulatory action pushing for a new Blacklisting Rule, even if narrowly tailored to firms that have been accused of violating the NLRA––as referenced in the chairman’s letter––would most certainly run afoul of the CRA and be subjected to litigation and create additional uncertainty for federal contractors.