House GOP Fails to Override Biden Veto 03/24 06:04

House GOP Fails to Override Biden Veto 03/24 06:04


   WASHINGTON (AP) -- The U.S. House failed Thursday to override President Joe 
Biden's first veto -- of a Republican-led bill that would have banned the 
consideration of environmental, social or governance issues in retirement and 
other investment decisions.

   Republicans failed to mount the necessary two-thirds votes needed in the 
House to override the president's veto of the "ESG" investment bill. The 
override failed on a 219-200 vote mostly along party lines as most Democrats 

   The standoff was a first test of the strength of the new Republican majority 
in the House as it confronts the Democratic president in the White House.

   House Republicans had succeeded in passing the legislation through Congress 
last month, part of their agenda to undo so-called "woke" government policies 
that strive to bring new ways of thinking about social and environmental issues 
with equity and accountability.

   The legislation was a pushback against the idea of "ESG" investing, which 
takes into account a company's environmental social and governance record, 
including on issues like climate change.

   Including such factors in financial planning has gained in popularity as 
Americans seek different options for where they park their retirement savings 
and other investments.

   The U.S. Department of Labor had issued a rule last December saying 
investment plan fiduciaries may consider climate change and other 
environmental, social, and governance factors in making investment decisions.

   But the newly empowered House Republicans sought to roll back the Labor 
Department rule and effectively reinstate a Trump-era policy banning the 
investment practice. The measure gained some support in the Democratic-held 

   Using special procedures, the House and Senate approved the rollback with a 
simple majority in both chambers, but there was not enough support in Congress 
to mount the veto override.

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