Senate votes to block financial adviser rule

by Jordain Carney  |  published on May 25, 2016

The Senate voted Tuesday to strike down a controversial Obama administration rule for financial advisers, setting up a showdown with the White House.

Senators voted 56-41 to overturn the Labor Department’s fiduciary rule, which requires financial advisers to act in the best interest of retirement savers.

The Senate’s vote paves the way for a battle with the White House, which has pledged that President Obama will veto the legislation once it reaches his desk.

“The final rule reflects extensive feedback from industry, advocates, and Members of Congress, and has been streamlined to reduce the compliance burden and ensure continued access to advice, while maintaining an enforceable best-interest standard that protects consumers,” the Office of Management and Budget said in a statement.

  • TeaPartyPatriot


    Vote in November.

    The TRUMP and NEWT vs The TRAMP and Pocahontas

    Use this, Pass it on and Pizz Off some D’genrates.


  • rockcut

    Voting against this rule hurts all the little investors. Obama should veto it.

  • Phil Esposito

    If Obozo won’t sign it, that means it was a good bill. Screw that POS.

  • SDofAZ

    Get out of our retirement. That is the message pure and simple. We can manage without BIG BROTHER!

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