The U.S. House of Representatives has failed to overturn Biden's veto to repeal the SAB 121 bill

The House of Representatives failed to overturn Mr. Biden's veto to repeal the SAB 121 bill, according to market sources. "To override the considered judgment of SEC staff in this way risks undermining the SEC's broader authority on accounting practices," Mr. Biden said in an official statement on May 31. "My administration will not support measures that endanger the well-being of consumers and investors," Mr. Biden said.