The House of Representatives failed to nullify President Biden’s veto of the Resolution to overturn the Retirement Investment Rule. The House is falling short of the two-thirds majority.
Biden’s veto reasons behind why it was issued
Biden’s Veto was issued in March when President Biden issued his first since taking his office to reject a House measure that would invalidate a new administration regulation for retirement plans.
President Biden stated in his video on Twitter that he signed the veto because the rule passed the Congress would put the retirement savings of people across the nation at risk. President added that Congress has not thought about the investments that would be obstructed by climate or overpaying executives. Those reasons made me decide to veto it.
On Thursday, a new administration regulation for retirement plans will apply after the House of Representatives was unsuccessful in nullifying President Biden’s Veto.
Who dominates the chamber?
Biden’s veto replicates the certainty that there is a change in the political order in Washington. Republicans controlled the House of Representatives after they got back the chamber from the Democrats during the 2022 midterm elections.
Today, President Biden’s party has a majority in the Senate.
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