WASHINGTON (Reuters) – A Republican effort to prevent pension fund managers from considering factors like climate change in their investment decisions appeared to improve on Wednesday, as a key U.S. Senate Democrat said he would support the measure.
Senator Jon Tester said he would join Republicans and fellow Senate Democrat Joe Manchin in backing a joint resolution opposing a Biden administration rule that would make it easier for plan managers to consider so-called ESG factors.
Tester’s backing appeared to give Republicans the simple majority they would need to enact the resolution later on Wednesday and send it on to President Joe Biden, who is expected to veto it. The Republican-controlled House approved the same bill on Tuesday.
(Reporting by David Morgan)