U.S. House to Vote on Overriding Biden's Veto of SAB 121 Next Week, Requires Two-Thirds Majority

Jul 6, 2024, 01:39 AM

The U.S. House of Representatives is scheduled to vote next week on whether to override President Joe Biden's veto of the Securities and Exchange Commission's Staff Accounting Bulletin 121 (SAB 121). The resolution, H. J. Res. 109, requires a two-thirds majority from both the House and Senate to pass. The SAB 121 rollback has been a contentious issue, with bipartisan support seen in previous votes. Majority Leader indicated that the legislation may be considered under chapter 8 of title 5, United States Code. The outcome of this vote will determine if the veto can be overturned, a steep challenge given the required majority from Congress.