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(CNN) The House of Representatives is set to vote on Thursday to attempt to overturn a veto on measures to overturn President Joe Biden’s post-retirement investment rules.
Mr. Biden on Monday voted to overturn retirement investment rules that would allow retirement fund managers to consider the impact of climate change and other environmental, social and governance factors when making investment choices. Issued first power of veto.
Overriding the veto requires a two-thirds majority in both houses of Congress, a high threshold to meet.
Republican lawmakers have led efforts to overturn the investment rule, arguing that it imposes a liberal agenda on Americans and undermines the interests of retirees. , argues that it is not obligatory and will help investors.
The resolution to rescind the Labor Department rule passed both houses of the House with Democratic Senator Joe Manchin of West Virginia and Senator John Tester of Montana voting alongside Republicans in the Senate.
Biden argued that any pro-Republican step to overturn the rule would jeopardize retirement savings.
“This bill would put your retirement savings at risk by making it illegal to consider risk factors that Republicans in the MAGA House don’t like,” Biden said in announcing his veto. Tweeted.
Biden’s veto reflects the reality of the changing political order in Washington, which dominates the House after Republicans retake it from Democrats in the 2022 midterm elections.
Previously, Democrats controlled both the House and Senate. Currently, the president’s party only has a majority in the Senate.
Most of the bills currently passed by the Republican-controlled House of Representatives will not pass the Democratic-controlled Senate. But resolutions to overturn investment rules only required a simple majority to pass in the Senate. Republicans went ahead with it under the Congressional Review Act. This would allow Congress to roll back regulation from the executive branch without having to clear the 60-vote threshold in the Senate required for most laws.
CNN’s Kristin Wilson contributed to this report.
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