Disapproving the Rule Submitted by the Department of Labor Relating to the Definition of the Term “Fiduciary” –
SUMMARY: The House voted on overriding the president’s veto of legislation that disapproved of the Labor Department’s fiduciary rule. The resolution disapproved the rule issued by the Labor Department on April 8, 2016, commonly known as the fiduciary rule on retirement investment advice, that subjects broker-dealers who oversee retirement investments to the fiduciary standard under which they must provide investment advice that is in the best interest of the investor “without regard to the financial or other interests” of the financial institution, adviser or other party. A two-thirds vote of both chambers is needed to override a veto.
Paulsen voted: YES
TAKE AWAY: Rep. Paulsen voted against a rule that would require retirement advisers to provide investment advice that is in the best interest of the investor.