WASHINGTON — The House has approved a bill that would delay rules for brokers who provide financial advice to retirees.
Ignoring a White House veto threat, the Republican-controlled House voted 254-166 for the measure today. The bill stands little chance in the Democratic-led Senate.
The Labor Department is expected to propose rules putting brokers under the same fiduciary requirements as investment advisers. The administration has argued that the rules would ensure that brokers avoid conflicts of interest and operate in the best interest of clients seeking investment advice for their retirement years.
The House measure backed by Wall Street would bar the department from issuing new fiduciary rules until 60 days after the Securities and Exchange Commission finalizes its rule. It also requires the SEC to produce a report on the impact.