WASHINGTON — President Joe Biden issued the first veto of his presidency Monday, keeping in place a Labor Department regulation allowing retirement plans to consider environmental and social factors in their investment decisions.
“Retirement plan fiduciaries should be able to consider any factor that maximizes financial returns for retirees across the country,” Biden said in a veto message. “That’s not controversial — that’s common sense.”
The House is set to vote Thursday to override the veto, which requires a two-thirds vote, or support from 290 members. That outcome is unlikely after the resolution of disapproval first passed the House 216-204 last month.
