Issued March 20, 2023
WASHINGTON – In response to President Biden's veto of a Congressional resolution that would prohibit pension fund managers from considering environmental, social, and governance impacts in their investment decisions, Mary Kay Henry, President of the Service Employees International Union (SEIU), issued the following statement:
“President Biden again stood with working families today by rejecting an attempt by corporate interests and their Congressional allies to block pension managers from basing their investment decisions on factors like climate change. We thank the President for his steadfast support in the face of corporate and political interference, and his overall commitment to investing in the creation of good union, clean energy jobs and lowering costs for families.
Our pension funds should be able to reflect the values of those working people – janitors, hospital and nursing home workers, child care workers, and others – who worked tirelessly to use these critical investment vehicles to save for a better future. We cannot remain passive as the corporations we’ve invested in pursue short-term profits over long-term sustainability and recklessly pursue policies that take society backwards.
Pension-holders deserve to know if the corporations leveraging our hard-earned savings are being governed properly and if they are treating their workers fairly – or whether they are busting unions, employing discriminatory hiring practices, protecting sexual harassers, or engaging in other bad behavior – all of which can have negative financial impacts. We also know that a short-term view of environmental risks doesn’t only endanger our communities, it also compromises a company’s ability to remain competitive and deliver shareholder value in the future. By continuing to invest with a social and environmental conscience, working people are helping to build a brighter, healthier and more prosperous future for all of us.”