WASHINGTON (Sputnik) — The final rule is also known as the fiduciary rule, and it requires financial advisors to act in the best interest of their clients.
"The Department of Labor’s final rule will ensure that American workers and retirees receive retirement advice that is in their best interest, better enabling them to protect and grow their savings," Obama said in his veto message.
Obama noted that before the rule was in place, some firms, "incentivized advisers to steer clients into products that have higher fees and lower returns — costing America’s families an estimated $17 billion a year."
Republicans do not have a two-third majority needed to overturn the President’s veto.
