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."
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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 House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises reviewed the "Investment Advisers Modernization Act," which would require the SEC to modernize certain rules relating to investment advisers.
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.