United States:
President Obama Vetoes Congressional Resolution To Block Fiduciary Rule
17 June 2016
by
Cadwalader, Wickersham & Taft LLP
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President Obama vetoed a Congressional resolution of disapproval
(H.J. Res. 88) that would prevent the Department of Labor's
implementation of the final rule relating to the "Definition
of the Term 'Fiduciary'; Conflict of Interest Rule –
Retirement Investment Advice."
In a message accompanying the veto, the President said that it
was "essential that [the rule's] critical protections go
into effect." On Twitter, Labor Secretary Thomas Perez
said
that the veto affirmed that "'putting customers' best
interest first' is more than a Wall Street marketing gimmick,
it's the law."
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