On Tuesday May 24th, senators voted to kill the new federal law that would require financial advisors to act in the best interest of their clients by providing conflict-free advice.
President Obama has promised to veto the Senate’s decision and the house could only avoid the veto and fiduciary rule if it had reached a two-thirds majority vote. The expected veto will be Obama’s 10th veto.
Senator Elizabeth Warren, D-Mass., said “the congressional push to repeal the retirement-advice rule stems partly from the desire of Republican legislators – many facing re-election campaigns this fall for financial support from securities- industry lobby groups.”
Click here to read the full story from The Hill.
Click here to read Financial Advisor IQ take on the Senate’s vote.
If you found these articles helpful be sure to check out The Department of Labor and the Fiduciary Rule.