Largely lost among the Democrat party’s sit-in over expanded gun control laws was news that they were also able block a GOP attempt to derail the new fiduciary rule. The rule would require new financial professionals to put their clients’ best interest first when giving advice on retirement investments like individual retirement accounts.
CBS News reports Democrats held together on a 239-180 vote to deny Republicans the two-thirds margin required to overcome a veto of GOP legislation to overturn the new rules.
“President Barack Obama’s Democratic allies in the House have blocked a GOP attempt to derail new administration rules that require financial professionals to put their clients’ best interest first when giving advice on retirement investments like individual retirement accounts,” according to the news network.
The regulations are aimed at blocking financial advisers from steering clients toward investments with higher commissions and fees. Republicans retirees’ choices will be limited, according to CBS.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
