Veto is the power of one person or body to prohibit a course of action chosen by another. For example, in business law a veto halts an official action done by a company or firm. Further, a business can grant stockholders/shareholders the right to veto board decisions, thus stopping those decisions from coming to fruition.
In a political context, "veto" usually refers to the power of the President to block or complicate passage of a legislation by refusing to sign it into law. Article One, Section Seven of the U.S. Constitution grants the President Veto Power over all bills passed by the Congress. Congress can override the President's veto by passing the bill again with a two-thirds majority in both the Senate and House of Representatives.
[Last updated in July of 2024 by the Wex Definitions Team]