The Congressional Review Act (CRA) allows Congress to override executive branch rules by simple majority. The rule in question allowed money managers to incorporate ESG, or considerations relating to factors like climate change, along with purely economic factors.

After the measure passed the House, two Democratic senators, Sens. Joe Manchin (D-W.Va.) and Jon Tester (D-Mont.), joined all Republicans in backing it.

“This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don’t like,” Biden said in a statement accompanying the veto.

“Your plan manager should be able to protect your hard-earned savings — whether Rep. Marjorie Taylor Greene [R-Ga.] likes it or not,” he said.

Read the full report at TheHill.com.

Welcome to The Hill’s Energy & Environment newsletter, we’re Rachel Frazin and Zack Budryk — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains.