A vote in the U.S. House of Representatives late Wednesday to block the Department of Labor’s new fiduciary rule fell short.
The House was voting to override a presidential veto of H.J. Resolution 88, which would have nullified the DOL rule. Opponents of the rule needed a two-thirds majority to override the veto, but the final vote was 239-190.
If it had succeeded, the Senate would have needed a similar vote to override the presidential veto.
Mr. Obama vetoed the resolution June 8, after it was passed in both chambers along party lines. In a message accompanying his veto, he said the rule “is critical to protecting Americans’ hard-earned savings and preserving their retirement security.”