The House spending bill that passed Wednesday and included an amendment that would bar the Securities and Exchange Commission (SEC) from using federal money to write a rule to put brokers under a fiduciary mandate is likely dead on arrival in the Senate — and would likely be vetoed by the Obama Administration.
It’s “unlikely that the Senate will agree” to the amendment by Rep. James Lankford, R-Okla., which passed on a voice vote on the House floor. An even if the Senate did pass it, that “might provoke a presidential veto,” David Tittsworth, CEO of the Investment Adviser Association, told our sister publication, ThinkAdvisor.
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