Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, issued the following statement after President Obama vetoed legislation that would overturn the Labor Department’s fiduciary duty rule:

“I am pleased that President Obama has vetoed harmful legislation that would overturn the Labor Department’s efforts to protect seniors from conflicted financial advice that costs them $17 billion a year in retirement savings. The Labor Department’s rule to protect seniors from investment advisers who may steer them in the wrong direction and who may have a conflict of interest was heavily supported by Democrats and had been developed over a long period of time under Secretary Perez’s leadership. The administration should be commended for putting together a strong rule that considered all stakeholder concerns. Given the strong Democratic vote in opposition to this bill, it is clear that the President’s veto will be sustained.”

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