President Barack Obama on Wednesday vetoed a resolution to kill the Department of Labor fiduciary rule, which was approved by the House in April and the Senate in May. “This rule is critical to protecting Americans' hard-earned savings and preserving their retirement security,” Obama wrote in a message accompanying his veto. “The outdated regulations in place before this rulemaking did not ensure that financial advisors act in their clients' best interests when giving retirement investment advice. Instead, some firms have incentivized advisors to steer clients into products that have higher fees and lower returns—costing American families an estimated $17 billion a year.” Read the original story from InvestmentNews.