Filed Under:Your Practice, Brokerage

House bar on SEC fiduciary rule likely DOA in Senate

Senate likely to throw out Rep. Lankford's amendment; entire bill likely to stall, says IAA's Tittsworth

The spending bill itself is likely to stall in the Senate, IAA's Tittsworth says.
The spending bill itself is likely to stall in the Senate, IAA's Tittsworth says.

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.

Originally published on ThinkAdvisor. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Nichole Morford

Nichole Morford
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