[Congressional Record (Bound Edition), Volume 162 (2016), Part 6]
[House]
[Pages 8124-8125]
[From the U.S. Government Publishing Office, www.gpo.gov]




  NULLIFY DEPARTMENT OF LABOR'S FINAL CONFLICT OF INTEREST RULE--VETO 
 MESSAGE FROM THE PRESIDENT OF THE UNITED STATES (H. DOC. NO. 114-140)

  The SPEAKER pro tempore laid before the House the following veto 
message from the President of the United States:

To the House of Representatives:

[[Page 8125]]

  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  The outdated regulations in place before this rulemaking did not 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.

  The SPEAKER pro tempore. The objections of the President will be 
spread at large upon the Journal, and the veto message and the joint 
resolution will be printed as a House document.
  Pursuant to the order of the House of today, further consideration of 
the veto message and the bill are postponed until the legislative day 
of Wednesday, June 22, 2016, and that on that legislative day, the 
House shall proceed to the constitutional question of reconsideration 
and dispose of such question without intervening motion.

                          ____________________