. 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. A two-thirds majority vote would be needed in both chambers of Congress to override the veto – a high threshold to meet.
“This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don’t like,” Biden tweeted as he announced the veto. The veto from Biden reflects the reality of a changed political order in Washington with Republicans now in control of the House after they won back the chamber from Democrats in the 2022 midterm elections. Previously, Democrats controlled both the House and the Senate. Now, the president’s party only has a majority in the Senate.
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