Republican lawmakers are looking to stop Biden’s “woke” capitalism policies this week, with a familiar ally set to join them. Both the House and Senate will vote on a Biden policy “that enables investment managers to factor climate change and social goals into retirement savings decisions.” Moderate Democratic Senator Joe Manchin of West Virginia is prepared to help the GOP by voting to rollback the policy, thanks to a law that allows Congress to “nullify new regulations on an expedited basis without succumbing to a Senate filibuster.” Other moderate Democrats like Sen. Jon Tester of Montana are also weighing whether to back the repeal.
According to Politico:
House Republicans passed a resolution to rescind the rule Tuesday afternoon with backing from one Democrat, Rep. Jared Golden of Maine. The Senate is expected to take it up Wednesday.
Biden has threatened to veto the rollback, but the move is still providing fodder for GOP lawmakers who are making anti-woke criticism of socially minded big business a centerpiece of their political messaging.
Rep. Andy Barr, the Kentucky Republican who sponsored the resolution, said on “Fox and Friends” Tuesday that the votes will put members of Congress on the record regarding “whether they are going to put their constituents’ retirement security first or their own progressive political agenda.”
“Whether you’re a Republican or a Democrat, we think most Americans don’t want politics to be a factor in allocating their capital and determining whether or not they’re going to have a secure retirement,” he said.
Senate Democrats hold a one-seat majority, but Sen. John Fetterman will not be present as he receives treatment for clinical depression. Republicans still need one more Democrat to support the measure beyond Manchin. Sen. Tester will be the crucial vote to watch and said in an interview on Tuesday, “I’ve got my leanings” but that he was still reviewing the policy and wasn’t ready to share his position.
Manchin was an early co-sponsor of the Senate GOP’s resolution, and he blasted the Biden administration as “irresponsible” for issuing the rule.
