(CNN) The House of Representatives on Thursday overrode President Joe Biden’s veto of a measure to override the controversial investment rule in a White House victory.
Biden issued the first veto of his presidency Monday’s resolution changes a pension investment rule that would allow managers of pension funds to consider the impact of climate change and other environmental, social and governance factors when making investments.
Overriding a veto would have required a two-thirds majority vote in both houses of Congress — a high threshold to meet. The final vote on the attempt to override the veto was 219 to 200.
Republican lawmakers have led efforts to overturn the investment rule, arguing it pushes a liberal agenda on Americans and hurts retirees’ bottom lines. Democrats argue it’s not about political ideology, it’s not a mandate, and it’s about helping investors.
Resolution repealing the Labor Department Ordinance, Passed by both houses of Congress Joe Mnuchin of West Virginia and Jon Tester of Montana voted with Democrats in the Senate.
Biden argued that a GOP-backed move to change the rule would put retirement savings at risk.
“This bill would put your retirement savings at risk by making it illegal to consider risk factors that MAGA House Republicans don’t want,” Biden tweeted.
Biden’s veto reflects the reality of a changed political order in Washington, where Republicans now control the House after winning back the chamber from Democrats in the 2022 midterm elections.
Previously, Democrats controlled both the House and Senate. Now, only the President’s party has a majority in the Senate.
Most legislation passed by the current GOP-controlled House cannot pass the Democratic-controlled Senate. But a resolution to override the investment rule would need a simple majority in the Senate to pass. Republican lawmakers filed it under the Congressional Review Act, which allows Congress to withdraw regulations from the executive branch without needing to clear the 60-vote threshold in the Senate required for most legislation.
