(USNewsMag.com) – A Republican led resolution to overturn a Labor Department rule is the first veto issued by President Joe Biden in his presidency. The resolution passed in the House in February.
One Democrat in the House voted with the Republicans. The resolution passed, 50-46, in the Senate with West Virginia Sen. Joe Manchin and Montana Sen. Jon Tester voting with Republicans. The legislation was introduced in the House by Kentucky Rep. Andy Barr. Biden released a video on social media March 20 of him signing the veto in the Oval Office.
In his veto, Biden specifically called out MAGA Republicans in the House as well as Georgia Rep. Marjorie Taylor Greene, saying the resolution to overturn the Labor Department rule would have hurt American investors.
The Labor Department rule allows retirement fund managers to consider environmental, social and corporate governance issues when selecting investments for their clients. The rule allows managers to consider how a company deals with climate change when making investment decisions. Under the rule managers do not only need to consider a return on investment and profitability of an investment for retirement accounts.
Republicans say the Labor Department rule will hurt retirees accounts and allows the liberal agenda to influence retirement accounts. They argue that overturning the rule allows retirement accounts to remain free from political ideology. Democrats argue the rule will help investors and that the rule is not about political ideology.
Manchin spoke out March 20 about the veto, saying Biden is hurting Americans by continuing to push his progressive agenda.
Leaders of the House have said they will hold a vote to override Biden’s veto. To override the veto, lawmakers would need a two-thirds majority in both the House and the Senate.
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