Late Friday President Biden vetoed H. J. Res 109 which overturned the SEC’s Staff Accounting Bulletin 121 (SAB 121) and returned the legislation to the House unsigned.  In the veto message President Biden stated: “My Administration will not support measures that jeopardize the well-being of consumers and investors.”

While H.J. Res 109 passed the Senate on a vote of 60 Yes to 38 No, after the House had previously approved the House Resolution on a vote of 228 Yes to 182 No, both Chambers margins fell well short of the 2/3rds majority that would be needed to over-ride a Presidential veto.

While the White House had issued a veto threat prior to the House vote on the legislation the bill still got leading Democrats to support the resolution; indeed, the vote in the Senate was led by Democratic Leader Chuck Schumer.  In recent days as the White House considered what action to take, several Democrats urged the President not to veto the bill as part of a broad effort to reengage younger voters who were a core part of the President’s 2020 coalition and recent polls indicate are slipping away.  However, the President didn’t take this advice and vetoed the bill.

Here's a link to the White House veto message:

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