(USNewsMag.com) – Democrats in the House voted unanimously with President Joe Biden March 23 against House Republicans’ attempt to override Biden’s veto decision regarding a Labor Department investment rule.
In order to override Biden’s veto, both the House and Senate needed a two-third majority vote. The House vote was 219-200, with one Democrat, Maine Rep. Jared Golden, siding with the Republicans. Fifteen members of the House did not cast a vote.
The override vote was not expected to be a success as during the House vote in February, only one Democrat, Golden voted with the Republicans. West Virginia Sen. Sens. Joe Manchin Montana Sen. Jon Tester voted with Republicans, helping to get the bill passed through the Senate.
The legislation, which passed the House and the Senate, would have blocked a Labor Department rule that allows managers of retirement accounts to take into account a company’s environmental, social and corporate governance factors as well as a company’s stance on climate change when they make decisions about investments. The new rule affects investment guidance for managers of at least 140 million people’s retirement accounts.
The new Labor Department rule replaces a rule that was in place from the Trump administration that discouraged the consideration of environmental, social and corporate governance factors by managers of retirement accounts.
According to Republicans, the new Labor Department rule puts Americans retirement accounts at risk. Republicans say the support for environmental, social and corporate governance factors from the Biden administration is a signal to companies to adopt these same goals or investments may be troublesome for them.
Democrats claim it will help investors make decisions and invest in companies they believe will help change society.
After the veto was signed by Biden, Manchin spoke out about how a radical agenda was being pushed onto millions of people by the president.
The veto was the first in Biden’s presidency.
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