The vote was an attempt to revive a resolution targeting a Biden administration rule related to environmental, social and governance (ESG) investing.
The chamber voted 219-200, with one Democrat voting with every Republican in favor of overriding the veto.
The vote comes after the House and the Senate approved a resolution that would undo the administration’s rule, sending it to Biden’s desk and forcing the first veto of his presidency.
Veto overrides are very rare for Congress and this particular effort was not expected to be successful (only one House Democrat supported the initial resolution). Still, it put most of the Democratic caucus on record as supporting this type of investing for the second time.
The Biden administration rule in question clarifies that money managers can weigh climate change and other environmental and social factors when they make investment decisions related to retirement accounts.
It replaces a previous Trump-era rule that Biden officials have said discouraged consideration of ESG factors “even in cases where it is in the financial interest of plans to take such considerations into account.”
Read more in a full report at TheHill.com.