WASHINGTON (AP) — Ignoring a White House veto threat, the House voted on Tuesday for a bill that would delay rules for brokers who provide financial advice to retirees.
The Republican-led House voted 254-166 for the measure that stands little chance in the Democratic-controlled Senate but reflects GOP efforts to stop or slow Washington regulations that the party argues stifle the growth of business.
The Labor Department is expected to propose rules putting brokers under the same fiduciary requirements as investment advisers. The administration has argued that the rules would ensure that brokers avoid conflicts of interest and operate in the best interest of clients seeking investment advice for their retirement years.
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