U.S. House fails to override President Biden's first veto, paving the way for implementing an administration rule that lets some retirement plans take into account environmental, social and corporate governance factors.
In a 219-200 vote, the House fell short of the two-thirds majority needed in each chamber to undo a presidential veto. The outcome was largely expected since the measure initially passed with slim margins in both theCongress this month sent Biden a bipartisan measure that would have blocked a Labor Department rule allowing some retirement plans to weigh environmental, social and corporate governance factors when selecting investments, instead of focusing solely on the best rate of return.
The GOP-led House had approved the bill in a 216-204 vote, while the Senate passed it 50-46, with Democratic Sens. Joe Manchin of West Virginia and Jon Tester of Montana joining Republicans.
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