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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.