It involves retirement investment choices….
But the move by lawmakers would affect other moves by the Biden admin to set policy…
President Joe Biden issued the first veto of his presidency Monday on a resolution to overturn a retirement investment rule that allows managers of retirement funds to consider the impact of climate change and other environmental, social and governance factors when picking investments.
Republican lawmakers led the push to pass the resolution through Congress, arguing the rule is “woke” policy that pushes a liberal agenda on Americans and will hurt retirees’ bottom lines, while Democrats say it’s not about ideology and will help investors.
The resolution, which would rescind a Department of Labor rule, passed both chambers of Congress with Democratic Sens. Joe Manchin of West Virginia and Jon Tester of Montana voting with Republicans in the Senate….
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Most legislation passed by the current GOP-controlled House will not be able to pass the Democratic-controlled Senate. But the resolution to overturn the investment rule only needed a simple majority to pass in the Senate. Republican lawmakers advanced it under the Congressional Review Act, which allows Congress to roll back regulations from the executive branch without needing to clear the 60-vote threshold in the Senate that is necessary for most legislation.
Update…
“The Republican-led House on Thursday failed to override President Biden’s first veto, falling short of the two-thirds majority needed to revive the resolution targeting an administration rule related to ESG investing, which takes environmental and social factors into account,” The Hill reports.
“The chamber voted 219-200, with one Democrat voting with every Republican in favor of overriding the veto.”