[House Document 114-140]
[From the U.S. Government Publishing Office]





                                     

114th Congress, 2d Session - - - - - - - - - House Document 114-140
 
                      VETO MESSAGE ON H.J. RES. 88

                               __________

                                MESSAGE

                                  from

                     THE PRESIDENT OF THE UNITED STATES

                              transmitting

   NOTIFICATION OF THE VETO OF H.J. RES 88, A RESOLUTION THAT WOULD 
   NULLIFY THE DEPARTMENT OF LABOR'S FINAL CONFLICT OF INTEREST RULE

[GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]


                  June 9, 2016.--Ordered to be printed
                                  ______

                         U.S. GOVERNMENT PUBLISHING OFFICE 

59-011                         WASHINGTON : 2016 








To the House of Representatives:
    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. This rule is critical to protecting 
Americans' hard-earned savings and preserving their retirement 
security.
    The outdated regulations in place before this rulemaking 
did not ensure that financial advisers act in their clients' 
best interests when giving retirement investment advice. 
Instead, some firms have incentivized advisers to steer clients 
into products that have higher fees and lower returns--costing 
America's families an estimated $17 billion a year.
    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. The final rule reflects extensive feedback 
from industry, advocates, and Members of Congress, and has been 
streamlined to reduce the compliance burden and ensure 
continued access to advice, while maintaining an enforceable 
best interest standard that protects consumers. It is essential 
that these critical protections go into effect. Because this 
resolution seeks to block the progress represented by this rule 
and deny retirement savers investment advice in their best 
interest, I cannot support it. I am therefore vetoing this 
resolution.

                                                      Barack Obama.
    The White House, June 8, 2016.

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