Black People Politics : House votes to repeal U.S. retirement rule

Discussion in 'Black People Politics' started by HODEE, Apr 29, 2016.

  1. HODEE

    HODEE going above and beyond PREMIUM MEMBER

    United States
    Jul 2, 2003
    Likes Received:
    (RF) Technician
    ( Alonewolf ) California.. by way of the LOU
    +725 / -0
    House votes to repeal U.S. retirement rule, Obama threatens veto

    WASHINGTON (Reuters) - The U.S. House of Representatives voted on Thursday to repeal a Labor Department rule aimed at protecting retirement savers from profit-hungry brokers, a largely symbolic move that President Barack Obama has threatened to veto.

    Obama's administration earlier in April released the rule setting a fiduciary standard for financial brokers who sell retirement products, requiring them to put clients' best interests ahead of their bottom lines.

    Republican political leaders and some in the financial industry responded by trying to override it through legislation, saying complying with it would be expensive for brokers which would result in higher costs for retirement advice that many Americans could not afford. They also say that the rule does not take into account other laws and regulations on financial advice.

    Thursday's vote of 234 in favor, and 183 opposed split along party lines. Democrats said the fiduciary rule would protect families from paying higher fees and that the Obama administration took into consideration industry concerns when drafting the rule.

    "Bureaucrats in Washington, D.C. have no business getting between you and your financial planner. But that’s what the Obama administration’s fiduciary rule does," said House Speaker Paul Ryan in a statement after the vote. "It’s Obamacare for financial planning."


    cry babies...Republican political leaders and some in the financial industry
    Alright with the Surgical Strike!
    The GAME has been wrong, for way too long, and only A BLACK MAN / WOMAN KNOWS how real it is. Together the First Lady / and The President are straightening out the pieces. I'm ready and ten years late sitting my arse down.
    Last edited: Apr 29, 2016