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Home GOP faces lengthy odds in effort to overturn Biden funding rule veto

CNN  — 

The Home of Representatives is predicted to vote Thursday to attempt to override President Joe Biden’s veto of a measure to overturn a retirement funding rule – an effort that faces lengthy odds within the narrowly divided chamber.

Biden issued the primary veto of his presidency Monday on a decision to overturn a retirement funding rule that permits managers of retirement funds to contemplate the affect of local weather change and different environmental, social and governance elements when selecting investments.

A two-thirds majority vote can be wanted in each chambers of Congress to override the veto – a excessive threshold to satisfy.

Republican lawmakers led the hassle to overturn the funding rule, arguing it pushes a liberal agenda on Individuals and can damage retirees’ backside strains. Democrats argue it’s not about political ideology, it’s not a mandate and it’ll assist traders.

The decision, which might rescind a Division of Labor rule, handed each chambers of Congress with Democratic Sens. Joe Manchin of West Virginia and Jon Tester of Montana voting with Republicans within the Senate.

Biden argued the GOP-backed measure to overturn the rule would put retirement financial savings in danger.

“This invoice would threat your retirement financial savings by making it unlawful to contemplate threat elements MAGA Home Republicans don’t like,” Biden tweeted as he introduced the veto.

The veto from Biden displays the fact of a modified political order in Washington with Republicans now in charge of the Home after they received again the chamber from Democrats within the 2022 midterm elections.

Beforehand, Democrats managed each the Home and the Senate. Now, the president’s celebration solely has a majority within the Senate.

Most laws handed by the present GOP-controlled Home will be unable to cross the Democratic-controlled Senate. However the decision to overturn the funding rule solely wanted a easy majority to cross within the Senate. Republican lawmakers superior it beneath the Congressional Evaluate Act, which permits Congress to roll again laws from the chief department with no need to clear the 60-vote threshold within the Senate that’s needed for many laws.

CNN’s Kristin Wilson contributed to this report.

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