OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Waters Applauds Obama's Veto of Republican Bill to Block Fiduciary Rule

Statement

Date: June 8, 2016
Location: Washington, DC
Issues: Monetary Policy Finance and Banking Business, Consumers, and Employees

Ranking Member of the House Financial Services Committee, issued the following statement after President Obama vetoed legislation that would overturn the Labor Department's fiduciary duty rule:

"I am pleased that President Obama has vetoed harmful legislation that would overturn the Labor Department's efforts to protect seniors from conflicted financial advice that costs them $17 billion a year in retirement savings. The Labor Department's rule to protect seniors from investment advisers who may steer them in the wrong direction and who may have a conflict of interest was heavily supported by Democrats and had been developed over a long period of time under Secretary Perez's leadership. The administration should be commended for putting together a strong rule that considered all stakeholder concerns. Given the strong Democratic vote in opposition to this bill, it is clear that the President's veto will be sustained."


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