Business

House upholds Obama 'fiduciary rule' on retirement savings

Posted June 22, 2016 7:00 am

By ANDREW TAYLOR

WASHINGTON (AP) - 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.

Democrats are in the minority in the House but 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.

The vote came Wednesday night amid tumult on the House floor as Democrats mounted a sit-in to protest GOP leaders' refusal to stage votes on gun-related measures.

The regulations are aimed at blocking financial advisers from steering clients toward investments with higher commissions and fees. Republicans retirees' choices will be limited.

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