Senate Kills Biden Retirement Rule...Biden Says He Will Use His Veto Power

The Senate killed a Biden administration rule that could prompt the president to use his veto power for the first time.

The upper chamber passed a disapproval resolution this week, officially killing Biden's Department of Labor rule that asks private retirement plan fiduciaries to consider environment, social and governance factors when making investment decisions for clients.

The plan would affect over 150 million Americans.

"The measure, which only required a simple majority to pass, passed the threshold in a 50-46 vote. The House of Representatives passed it Tuesday in a 216-204 vote, with only one Democrat voting for the bill," reports Fox News.

"Two Democrats voted for the bill in the Senate: Joe Manchin of West Virginia and Jon Tester of Montana," reported Fox News.

"President Biden wants to sacrifice seniors' retirement savings to fund his political agenda," said Sen. Mike Braun of Indiana.

"Both the Senate and the House have now sent powerful, bipartisan rebukes of the Biden ESG agenda. I’m proud to stand up for Americans' retirement savings to stop this harmful rule," said Braun, who led the effort.

The legislation will now head to Biden's desk where the White House has said Biden "will veto" the measure.

"The President will continue to deliver for America’s workers. If the President were presented with H.J. Res. 30, he would veto it," the White House said.

"The rule reflects what successful marketplace investors already know — there is an extensive body of evidence that environmental, social, and governance factors can have material impacts on certain markets, industries, and companies," the White House added while alto blasting the Trump administration for "chilling" ESG investments.