WASHINGTON — The Senate on Wednesday cleared a resolution that would disapprove of a Labor Department rule allowing retirement plans to consider climate factors in their investment decisions, setting the stage for the first veto of President Joe Biden’s presidency.
The Senate’s 50-46 vote on the resolution comes one day after the House voted 216-204 to pass it. The White House said Biden would veto the measure if it came to his desk. The resolution would nullify a Labor Department rule that allows retirement plans to consider environmental, social and governance factors in their investment decisions.
“The rule reflects what successful marketplace investors already know — there is an extensive body of evidence that environmental, social, and governance factors can have material impacts on certain markets, industries, and companies,” the White House said in a statement of administration policy.
