Senate Votes To Block New Rule On Retirement Advice

Published May 25, 2016 at 12:33 PM CDT

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U.S. Senate Minority Leader Sen. Harry Reid (D-NV) (R) and Sen. Charles Schumer (D-NY) (L) participate in a news briefing after the weekly Senate Democratic Policy Committee luncheon May 24, 2016 on Capitol Hill in Washington, DC. Senate Democrats held a policy luncheon to discuss Democratic agenda. (Alex Wong/Getty Images)

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.

Guest

Maggie Lake, CNNMoney anchor and correspondent, host of “CNNMoney with Maggie Lake.” She tweets @maggielake.