A last-minute flurry of activity in Congress to pass bills aimed at thwarting the Labor Department’s best-interest standard doesn’t have the support needed to become law
Feb 4, 2016 @ 11:13 am | By InvestmentNews Staff
A last-minute flurry of legislative efforts aimed at thwarting the Labor Department’s controversial fiduciary rule are likely to fail — meaning implementation of a rule is a question of when, not if.
Speaking before a room filled with financial advisers at TD Ameritrade Institutional‘s national conference in Orlando, Fla., on Thursday, ERISA attorney Pam O’Rourke dashed any hope the DOL rule change — which would require all advisers overseeing assets in retirement plans to adhere to a strict fiduciary standard — can be stopped.
“You can plan it,” said Ms. O’Rourke of Integrated Retirement, which provides retirement plan training to advisers. “Even if they get the votes, President Obama has made it clear that he will veto them and it’s also very clear that their isn’t sufficient votes to override that.”
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