Biden issues first veto of his presidency

President Biden on Monday vetoed a bill that would have repealed a Department of Labor rule allowing retirement fund managers to consider environment, social and governance (ESG) principles in their investment decisions.

Why it matters: It was Biden's first use of the veto since becoming president, though several more may be on the way with Congress on track to pass other pieces of legislation the White House opposes.

The House has scheduled a veto override vote on the legislation on Thursday.

Between the lines: Two vulnerable Senate Democrats up for re-election in 2024 — Sens. Joe Manchin (D-W.Va.) and Jon Tester (D-Mont.) — broke with the White House earlier this month and joined Republicans in passing a House bill that would strike down the Labor Department's rule.