House passes bill that would delay DOL and SEC fiduciary rules

The House has passed legislation that would require the Department of Labor and the Securities and Exchange Commission to delay adoption of fiduciary rules for stockbrokers and retirement-account financial advisors. An aide to the Senate banking committee said the committee had "no interest" in taking up such a bill, and the White House said President Barack Obama would veto the bill if it passed the Senate. "This bill sends yet another message to the Department that many in Congress are concerned about their rule's impact on retirement advice for small investors," Chris Paulitz, a spokesman for the Financial Services Institute, wrote in an e-mail.

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