Join the Wall Street Journal for the WSJ Risk and Compliance Forum happening online May 9th.

Together with experts, we'll unpack the latest Russia sanctions, data privacy laws, climate risks, and more.

You'll take away a playbook of practical advice that you can use and implement on day one.

Register now at WSJ.com, slash risk, and save 20% on your ticket using code podcast.

From the opinion pages of the Wall Street Journal, this is Potomac Watch.

President Biden rolls out the first veto of his presidency and surprise surprise.

It's a great big favor to the climate industry and democratic special interest groups.

Also, the White House and Democrats engage in a preemptive strike against House Republicans

and the upcoming budget wars. Does the GOP have a plan? And if so, where is it?

Welcome to Potomac Watch. I'm Kim Strassel. I am joined today by my fabulous colleagues,

Kate Batchelder O'Dell and Manet Uquabrua. President Biden on Monday vetoed a bipartisan

congressional resolution. It was his very first veto. And the history here, the Biden-Labor

Department in late 2022 issued a final rule designed to protect retirement funds that use ESG

or environmental social and government factors as part of their investment decisions.

This was a big break from traditional fiduciary standards which require retirement fund managers

to maximize profits. And so, this inspired a big backlash and Congress recently used its

authority under the Congressional Review Act to overturn that Labor Department rule,

about in which Democrats emboled the House and the Senate joined Republicans to kill it.

Only then Biden vetoed that resolution, meaning his new Labor Department standard remains.

Let's listen to Biden explain that veto. I just signed this veto because a legislation passed

by the Congress would put a risk in retirement savings of individuals across the country. They

couldn't take into consideration investments that wouldn't be impacted by climate, impacted by

...