President Obama vetoed a Congressional resolution of disapproval to 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."
SIFMA and numerous financial associations filed a complaint against the Department of Labor with the U.S. District Court for the Northern District of Texas. The complaint would strike down an "overreaching" DOL fiduciary rule.
The Senate passed a resolution of disapproval blocking the Department of Labor's implementation of its "fiduciary" rule. The rule defines the term "fiduciary" and concerns conflicts of interest in retirement investment advice.