The daily business briefing: March 21, 2023

Biden uses 1st veto to block anti-ESG bill, Amazon announces it will cut another 9,000 jobs, and more

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1. Biden's 1st veto blocks anti-ESG bill

President Biden on Monday used his veto power for the first time, blocking a bill that aimed to reverse a rule allowing pension managers to consider environmental, social, and corporate governance (ESG) factors when making investment decisions. "Retirement plan fiduciaries should be able to consider any factor that maximizes financial returns for retirees across the country. That's not controversial — that's common sense," Biden said in his veto message. The move sends the bill back to Congress, where opponents do not have the two-thirds of votes needed in both the House and the Senate to override the veto. Unless opponents come up with more votes, the rule will stand.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.