President Barack Obama vetoed resolutions passed by the House and Senate to kill the Department of Labor's rule amending the definition of fiduciary under ERISA.
"I am returning herewith without my approval H.J. Res. 88, a resolution that would nullify the Department of Labor's final conflict of interest rule," Obama said. "This rule is critical to protecting Americans' hard-earned savings and preserving their retirement security."
Rep. Phil Roe, R-Tenn., chairman of the Health, Employment, Labor, and Pensions Subcommittee, and House Education and the Workforce Committee Chairman John Kline, R-Minn., denounced Obama's veto of the joint resolution of disapproval under the Congressional Review Act.
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