(UnitedVoice.com) – President Joe Biden issued the first veto of his administration on March 20. He killed a bipartisan bill that would have banned a retirement investment rule allowing money managers to consider issues like climate change when picking investments. Now the president is reportedly planning for another veto.
On Monday, March 27, the White House issued a statement about the Republican Party’s Lower Energy Costs Act (HR 1). The legislation seeks to reduce energy costs by increasing production and the exportation of American oil and gas while also reducing unnecessary regulations. The executive branch disagreed, saying the bill would do the opposite.
According to the statement, the Biden administration said HR 1 is a “thinly veiled license to pollute.” They say it would raise the cost of energy for Americans by “repealing household energy rebates and rolling back” green energy investments. The statement gives a rundown of all the ways the president’s team believes the bill would hurt families and concludes with a veto threat if the bill is presented to Biden “in its current form.”
Biden admin formally threatens veto against House GOP energy bill. https://t.co/v2cpLLiDDr pic.twitter.com/i8dERz98Ii
— Anthony Adragna (@AnthonyAdragna) March 27, 2023
Prior to the veto threat, Roll Call reported Speaker of the House Kevin McCarthy (R-CA) accused the president of kneecapping energy production in the US. He said Biden has “endlessly delayed critical infrastructure projects” and accused the Democratic Party of jeopardizing national security while raising costs for Americans.
The fight over energy policy comes at a time when gas prices are rising again. According to AAA, the average price for a regular gallon of gas was $3.46 nationally on March 29. That was 11 cents higher than the price in February, when the average was $3.35. Prices generally rise in the summer during the travel season, meaning they could go up even more.
Despite the White House’s opposition to the energy package, it’s expected to pass both chambers and go to Biden’s desk.
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