Biden Vetoes EPA Rollback
You may remember a little under a month ago when we wrote about a Bill that passed both halls of Congress. In that article, we said:
“Because of how our system of government works, Joe Biden may opt to veto the bill instead of signing it, which is what he threatened to do should the vote pass. Because Congress can override the veto with a supermajority, this means that effectively the president’s vote is worth 16 Senate and 72 House votes.
The likely outcome for all of this is that Biden will veto it and Congress will be unable to gather a supermajority.”
It appears that the outcome has just happened.
Details
As a quick refresher, the EPA regulations in question include but are not limited to both reducing NOx emissions to 1/5th of what they are now, as well as requiring new trucks to have a mileage warranty that goes from 100,000 to 450,000.
Just as Biden said he would, he vetoed it on June 14th. In vetoing the resolution, Biden said that the EPA’s stricter regulation “cuts pollution, boosts public health, and advances environmental justice in communities across the country. It will prevent hundreds, if not thousands, of premature deaths; thousands of childhood asthma cases; and millions of missed school days every year.”
Furthermore, he exclaimed Congress was attempting to deny “communities these health benefits by resulting in weaker emissions standards for heavy-duty vehicles and engines, which are significant sources of pollutants that threaten public health. If enacted, the resolution would squander $36 billion in benefits to society — and an opportunity to lead on the defining crisis of our time.” It is currently not known as to where the Biden Administration pulled this number.
Conclusion
Because we were correct in our previous assessment as to what would happen regarding this congressional resolution, we predict two possible outcomes in the future as a result of this regulation:
- Biden is defeated in the 2024 election, and his opponent works to repeal 2027 regulations as quickly as possible.
- Biden wins reelection, and the regulations go through. Because the stricter regulations do not apply to older trucks, it will create a perverse incentive for older trucks to stay on the road longer due to higher costs associated with purchasing newer trucks.
We will have to wait until 2027 to see what ultimately happens to, and as a result of, this EPA rule.
ABOUT TOPMARK FUNDING
TopMark Funding is a top-rated semi-truck financing and trailer financing company located in Roseville, CA. We specialize in commercial trucking and heavy equipment. Our mission is to become your long-term financial partner by helping you grow your trucking business and fleet.
We’re not here for the short-term, we’re on the long-haul with you!
We have financing options for trailers, semi-trucks, commercial trucks, and small businesses. We have great rates, low down payments, and flexible monthly payments regardless of credit history.
Learn more about Trailer Financing.
Fill out the contact form or give us a call at (866) 627-6644. One of our truck financing specialists will contact you as soon as possible to go over your truck lease needs and learn more about you and your business financing goals.
