President Barack Obama vetoed resolutions passed by the House and Senate to kill the Department of Labor's rule amending the definition of fiduciary under ERISA.
"I am returning herewith without my approval H.J. Res. 88, a resolution that would nullify the Department of Labor's final conflict of interest rule," Obama said. "This rule is critical to protecting Americans' hard-earned savings and preserving their retirement security."
Rep. Phil Roe, R-Tenn., chairman of the Health, Employment, Labor, and Pensions Subcommittee, and House Education and the Workforce Committee Chairman John Kline, R-Minn., denounced Obama's veto of the joint resolution of disapproval under the Congressional Review Act.
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
