A new administration rule for retirement plans will be implemented as planned after the House of Representatives failed to override President Joe Biden’s first veto on Thursday.

In a 219-200 vote, the House fell short of the two-thirds majority needed in each chamber to undo a presidential veto. The result was largely expected as the measure initially passed with narrow margins in both the House and Senate.

This month, Congress sent Biden a bipartisan measure that would have blocked a Labor Department rule that allows some retirement plans to weigh environmental, social, and corporate governance factors when selecting investments, rather than focusing solely on the best rate of return. performance.

The GOP-led House of Representatives approved the bill in a vote of 216-204, while the Senate approved it 50-46, with Democratic Sens. Joe Manchin of West Virginia and Jon Tester of Montana joining them. the Republicans.

Biden vetoed the measure on Monday.

In a video explaining his decision, Biden said the legislation would put retirement savings «at risk.»

“They couldn’t take into consideration investments that would be impacted by weather, impacted by executive overpayment and so I decided to veto them,” Biden said.

Senate Majority Leader Chuck Schumer, DN.Y., called Biden’s veto “entirely appropriate” in a statement Monday that criticized Republicans for their attempts to block the reversal rule.

“It would be counterproductive and un-American for House Republicans to tell corporate America that they can’t pursue profit and social goals when they want to,” Schumer said.

The Senate will not accept the veto override measure since it has already failed in the House.