President Biden issued the first veto of his presidency on Monday, blocking a resolution passed by Congress that would have prohibited retirement-plan fiduciaries from considering environmental, social, and governance (ESG) factors in making their investment decisions.

“I just signed this veto because the legislation passed by the Congress would put at risk retirement savings of individuals across the country,” Biden said in a video published on Twitter. “They couldn’t take into consideration investments that would be impacted by climate impacted by overpaying executives.”

In early March, both chambers voted to pass a resolution blocking a Labor Department rule that makes it easier for investors to take into account climate change and other social factors, rather than focusing solely on returns for retirees.

Republicans characterized the rule as a “woke” innovation of the Biden administration that will financially harm Americans. Some ESG proposals restrict holding equity in certain lucrative industries, such as energy, and could therefore cause diminished portfolio performance.