U.S. House votes in favor to repeal EPA emission rules

The U.S. House of Representatives has voted in favor of H.J. Res 136 to repeal a rule from the Environmental Protection Agency to set vehicle emission caps.

Critics argue that the EPA’s “Multi-Pollutant Emissions Standards for Model Years 2027 and Later Light-Duty and Medium-Duty Vehicles” sets emission standards so low it forces automakers to increase production of electric vehicles to comply with the new rules. By EPA estimates, the rule would result in EVs making up almost 70% of new car sales by 2032.

H.J. Res 136 was introduced by Rep. John James (R-Mich), who labels the EPA rule as an expansion of “the Biden administration’s EV mandate.”

“This is a de-facto electric vehicle mandate that will put all 77,580 manufacturing jobs in MI-10 at great risk of extinction. I am grateful that the House passed this measure to prevent the Biden-Harris Administration’s rule from ravaging the livelihoods of thousands in Michigan and across the country. The Senate must take up this measure immediately,” Rep. James said in a statement.

Should the resolution be approved by the Senate, President Biden is expected to veto it.

Related stocks: Tesla (NASDAQ:TSLA), General Motors (NYSE:GM), Ford (NYSE:F), Stellantis (NYSE:STLA).