After the House failed on Thursday to override President Joe Biden’s first veto , a new administration rule will be implemented for retirement plans.
The House lost 219 to 200 votes, falling short of the two thirds majority required in each chamber to overturn a presidential veto. It was not surprising that the measure passed initially with narrow margins in both Senate and.
Biden was sent by Congress this month a bipartisan bill that would have stopped a Labor Department rule that allowed some retirement plans to consider environmental, social, and corporate governance factors in selecting investments instead of focusing on the highest rate of return.
The GOP-led House approved the bill with 216 votes to 204, while the Senate passed the bill 50 to 46, with Democratic senators. Republicans were joined by Joe Manchin from West Virginia and Jon Tester from Montana
Biden vetoed Monday’s measure.
Biden explained his decision in a video.
Biden stated, “They couldn’t take into account investments that would be affected by climate change, impacted impacted by overpaying executive and that’s why I decided that they should veto it.”
Senator Majority Leader Chuck Schumer (D-N.Y.), called Biden’s veto “totally inappropriate” in Monday’s statement. He also criticised Republicans for their attempts to block the investment rules.
Schumer stated that telling American companies that they can’t pursue profit and other societal goals is counterproductive and unAmerican for House Republicans.
Since the House has rejected the measure, the Senate will not vote on the veto-override.
