House OKs bill to stop Obama crackdown on financial adviser kickbacks

The House voted 245-186 Tuesday for legislation that would effectively stop the Labor Department from a planned crackdown on conflicts of interest in retirement financial advice.

"This rule from the Department of Labor is bad, let's fix it with this bill," said Rep. Sean Duffy, R-Wis., during debate on the House floor Tuesday.

The bill, authored by House Financial Services Committee member Rep. Ann Wagner, R-Mo., would prohibit the Labor Department from finalizing its rule until the Securities and Exchange Commission acted on retirement advice rules. In doing so, most analysts expect it would shelve regulatory action indefinitely.

By passing the legislation to stop the Labor Department, the House staked out its opposition to one of President Obama's top priorities for his late presidency, and sided with business groups that have lobbied heavily against the rule.

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