House Republicans Fail To Override Biden’s 1st Veto!

A resolution that would have barred retirement fund managers from taking some social considerations into account when making investment decisions was vetoed by President Joe Biden on Thursday, and the Republican-led House was unable to override his decision.

The veto was overridden by a vote of 219 to 200, although a two-thirds majority vote is required.

Only one Democrat, Rep. Jared Golden of Maine, voted yes. 15 members did not cast a ballot.

H.J. Res. 30 was initially approved by the House on February 28 with the backing of Golden and all Republicans. To stop retirement fund managers protected by federal law from including that method in their calculations, it took on the subject of environmental, social, and governance (ESG).

Conservatives have made ESG, often known as “woke capitalism,” a key target because they believe it is unfair to some businesses, notably those in the oil and gas sector, and can harm investors. Advocates of the strategy claim that it directs them to invest in things they think benefit society and considers current trends.

Following Biden’s first veto of his administration on Monday, House Republicans raised the subject once more. The R-La. House majority leader Steve Scalise stated that his conference would keep up its opposition to ESG.

“House Republicans will keep fighting to overturn this rule allowing ESG investing and to make sure Americans are getting the best retirement they can, not the most woke,” the leader wrote in his weekly floor lookout.

House Republicans Fail To Override Biden's 1st Veto

Yet, it was never expected that the vote to override Biden’s veto, the House GOP’s first attempt in the new Congress, would be successful. The legislation needed the approval of the lower chamber’s two-thirds members to proceed to the Senate, where a two-thirds majority vote would be required.

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Republicans hold a narrow majority in the House but are the minority party in the Senate.

Golden has not indicated on Thursday what he would do regarding the veto override effort. He has a history of voting against fellow caucus members: During the previous Session, he opposed the House’s version of Build Back Better.

A Labor Department rule under Biden that permitted retirement fund managers to consider ESG considerations went into force at the beginning of February, prompting legislative action. Republicans in Congress, however, are opposed to it because they believe it is improper to take non-financial factors, such as climate change, into account.

A resolution to stop the Biden administration’s rule was swiftly submitted by House Republicans and received enough support in both chambers of Congress to pass. The House approved H.J. Res. 30 on February 28, and the Democratic senators Jon Tester of Montana and Joe Manchin of West Virginia voted in favor of it across party lines in the Senate on March 1.

The rule from the Department of Labor, according to Vice President Biden, “protects the hard-earned life savings and pensions of tens of millions of workers and retirees across the country.” Biden vetoed the bill on Monday.

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