The Senate voted yesterday to block a new rule issued by the Obama Administration that requires brokers to act in the best interest of their clients when it comes to retirement accounts.
Before the rule change, they were required to make sure that investments were “suitable,” for clients, which was a lower standard. Republicans have supported blocking the rule, while President Obama has promised to veto the Senate bill so that the rule stands.
Here & Now’s Robin Young discusses the situation with CNN’s Maggie Lake.
- Maggie Lake, CNNMoney anchor and correspondent, host of “CNNMoney with Maggie Lake.” She tweets @maggielake.