WASHINGTON (AP) — The House has approved a bill that would delay rules for brokers who provide financial advice to retirees.
Ignoring a White House veto threat, the Republican-controlled House voted 254-166 for the measure Tuesday. The bill stands little chance in the Democratic-led Senate.
The Labor Department is expected to propose rules putting brokers under the same fiduciary requirements as investment advisers. The administration has argued the rules would ensure brokers avoid conflicts of interest and operate in clients' best interest.
The Wall Street-backed House measure would bar the department from issuing new fiduciary rules until 60 days after the Securities and Exchange Commission finalizes its rule.
Republican Rep. Jeb Hensarling of Texas chairs the panel. He says the bill would stop the SEC from regulating "first and asking questions later."