U.S. House Passes Long-Shot Bill to Block Tougher Broker Rules
- Effort to prevent fiduciary duty regulation now goes to Senate
- Obama administration says president would veto legislation
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Republican lawmakers aren’t giving up yet in their fight to kill stricter rules for brokers that have been championed by President Barack Obama.
In what might prove a symbolic vote, the U.S. House passed legislation 234-183 Thursday that would block a Labor Department rule requiring financial advisers to put their clients’ interests ahead of their when handling retirement accounts. To become law, the House measure must be approved by the Senate and signed by Obama, whose administration announced Wednesday that he would veto the bill if it reaches his desk.