President Obama Vetoes Congressional Resolution to Block Fiduciary Rule
President Obama vetoed a Congressional resolution of disapproval (H.J. Res. 88) that would 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."
In a message accompanying the veto, the President said that it was "essential that [the rule's] critical protections go into effect." On Twitter, Labor Secretary Thomas Perez said that the veto affirmed that "'putting customers' best interest first' is more than a Wall Street marketing gimmick, it's the law."
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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.
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The Department of Labor adopted its final regulation addressing the definition of who is a fiduciary of an employee benefit plan under ERISA, or a plan under Section 4975 of the Internal Revenue Code, by virtue of giving investment advice to a plan, its participants or its beneficiaries. The fiduciary definition final rule, Best Interest Contract Exemption, certain principal transactions exemption, certain prohibited transactions exemptions, and amendments to certain class exemptions were published in the Federal Register.
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The Department of Labor adopted its final regulation addressing the definition of who is a fiduciary of an employee benefit plan under ERISA, by virtue of giving investment advice to a plan, its participants or its beneficiaries.
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