President Obama Vetoes Republican Party’s Attempt to Undo Finical Advisor rule
On Wednesday, President Obama vetoed the Republicans effort to block new financial adviser rule which are intended to protect retirement savings.
This strengthens the regulations under the President's administration which needs investment advisers to act towards the best interest of their clients.
Democrats believe that the Labor Department's controversial rule would usher in better degrees of fairness to the process of retirement savings.
However, the Republicans differ in this matter saying the rule will spike cost of professional advice and avert the Americans with low and middle income from seeking financial advice for future savings.
In a veto message to Congress, President Obama said, "The Department of Labor's final rule will ensure that American workers and retirees receive retirement advice that is in their best interest, better enabling them to protect and grow their savings. It is essential that these critical protections go into effect."
This year, President Obama has passed three veto and total ten during his presidential term.
Most of the vetoes ware related to similar attempts where his executive actions were attempted to be blocked on issues related to union elections, emission of greenhouse gas and clean water.
New Zealand News
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