“I just vetoed my first bill. This bill would risk your retirement savings by making it illegal to consider risk factors MAGA [Make America Great Again] House Republicans don’t like,” Biden said via social media.
Biden returned the legislation to Congress with an explanation of his veto, claiming that ESG factors can have a “material impact” on markets, industries and businesses.
The Republican-led legislation received support from Democratic Senators Joe Manchin and Jon Tester, passing the Senate in a vote of 50-46. The bill passed the US House of Representatives in a vote of 216-204.
Congress can only override a veto with a two-thirds vote in both chambers.