A brand new administration rule for retirement plans might be carried out as deliberate after the Home didn’t override President Joe Biden’s first veto on Thursday.
In a 219-200 vote, the Home fell wanting the two-thirds majority wanted in every chamber to undo a presidential veto. The end result was largely anticipated because the measure initially handed with slim margins in each the Home and Senate.
Congress this month despatched Biden a bipartisan measure that may have blocked a Labor Division rule permitting some retirement plans to weigh environmental, social and company governance components when deciding on investments, as a substitute of focusing solely on the most effective fee of return.
The GOP-led Home had authorized the invoice in a 216-204 vote, whereas the Senate handed it 50-46, with Democratic Sens. Joe Manchin of West Virginia and Jon Tester of Montana becoming a member of Republicans.
Biden vetoed the measure on Monday.
In a video explaining his determination, Biden mentioned the laws would put retirement financial savings “in danger.”
“They couldn’t think about investments that may be impacted by local weather, impacted by overpaying executives and that’s why I made a decision to veto it,” Biden mentioned.
Senate Majority Chief Chuck Schumer, D-N.Y., referred to as Biden’s veto “completely acceptable” in a press release Monday that criticized Republicans over their makes an attempt to dam the funding rule.
“For Home Republicans to inform American corporations they can’t pursue income and societal targets once they want to could be counterproductive and un-American,” Schumer mentioned.
The Senate is not going to take up the veto-override measure because it has already failed within the Home.