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.
Senator Elizabeth Warren conducted an investigation of fifteen leading annuity providers to determine whether they offered their sales agents non-cash incentives and other perks to promote their products. The resulting report, titled Villas, Castles, and Vacations: How Perks and Giveaways Create Conflicts of Interest in the Annuity Industry , asserts that 13 of the 15 companies - or 87% - offered sales bonuses to selling agents whose customers were often unaware of these incentives. According to the report, these sales incentives typically included all-expense-paid trips to vacation