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President Biden vetoes resolution

(NBC) - President Biden issued the first veto of his administration on Monday.

He vetoed a resolution that the White House claims would force retirement managers to ignore a company's environmental, social, and governance factors that can have a material impact on markets, industries, and businesses, which could affect investment returns. 

The veto halted a bipartisan measure to nullify a new administration rule for retirement plans.

In a video posted on social media, the president said it would "put at Irish the retirement savings of individuals across the country."

The Senate voted 50-46 to pass a resolution to block a labor department rule to allow certain retirement plans to weigh environmental, social, and corporate governance factors when making investments.

Instead, the measure said only rate of return could be considered.

The measure passed the Senate by four votes and the House by a dozen.

A two-thirds majority is needed to override a presidential veto.

Article Topic Follows: National Politics

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