A bill introduced by Republican lawmakers in USA would search ban a pension investment rule which allows pension fund managers to take into account the impact of climate change and other environmental, social and governance factors when choosing investments.

The resolution would repeal a Labor Department rule and was passed by both houses of Congress with Democratic Senators Joe Manchin of West Virginia and Jon Tester of Montana voting with Republicans in the Senate.

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Joe Bidenthe US president, vetoed the bill and shared the explanation in a video on his Twitter profile.

“I just signed this veto because legislation passed by Congress would jeopardize people’s retirement savings across the country. They couldn’t account for investments that wouldn’t be affected by the weather, that would be affected by overpaid executives, and so I decided to veto it, it makes sense to veto it.” said the president.

“This bill would jeopardize your retirement savings by making it illegal to consider risk factors that MAGA House Republicans dislike. Your plan administrator should be able to protect your hard-earned savings whether Representative Marjorie Taylor Greene likes it or not,” Biden wrote in his tweet.

This is the first veto Biden has exercised in his administration.

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Ahead of the congressional vote on the law, the White House said the order would be denied if it reached Joe Biden’s desk.

“The 2022 Biden-Harris Administration Rule makes it clear that … trustees may consider factors such as corporate responsibility and transparency, climate and liability risks if they deem them relevant to an investment’s risk and performance analysis, just as they would prudently consider any other relevant factors,” the White House said in a statement.