The Senate will vote on Wednesday on a politically charged resolution to overturn a Biden administration retirement investment rule that allows managers of retirement funds to consider the impact of climate change and other environmental, social and governance factors when picking investments.
Republicans complain it’s “woke” policy that pushes a liberal agenda on Americans and will hurt retirees’ bottom lines, while Democrats say the rule is not about ideology, and will help investors.
The resolution, authored by GOP Sen. Mike Braun of Indiana, is backed by all 49 Republicans and two Democrats. It only needs a simple majority to pass.
If passed by the Senate, the measure, which would rescind a Department of Labor rule, would next go to President Joe Biden’s desk as it was passed by the House on Tuesday. The administration, however, has issued a veto threat. As a result, passage of the resolution could pave the way for Biden to issue the first veto of his presidency.
Opponents of the rule could try to override the veto, but at this point it appears unlikely they could get the two-thirds majority needed in each chamber to do so.
The reason the measure can pass with only a simple majority vote – and avoid a filibuster in the Senate – is because Republican lawmakers advanced the resolution under the Congressional Review Act, which allows Congress to roll back regulations from the executive branch without needing to clear the 60-vote threshold in the Senate that is necessary for most legislation.
Democrats control a narrow 51 to 49 majority in the Senate, meaning Republicans need some cross-aisle support to pass it. Democratic Sen. Joe Manchin of West Virginia is a co-sponsor and Montana Democratic Sen. Jon Tester announced Wednesday he would vote for it. Both are up for reelection in red states next year. In addition, other…
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