The Senate voted to prohibit regulators from requiring financial advisors to work in their own client’s best interest:

The Senate voted Tuesday to strike down a controversial Obama administration rule for financial advisers, setting up a showdown with the White House.

Senators voted 56-41 to overturn the Labor Department’s fiduciary rule, which requires financial advisers to act in the best interest of retirement savers.

The Senate’s vote paves the way for a battle with the White House, which has pledged that President Obama will veto the legislation once it reaches his desk.

“The final rule reflects extensive feedback from industry, advocates, and Members of Congress, and has been streamlined to reduce the compliance burden and ensure continued access to advice, while maintaining an enforceable best-interest standard that protects consumers,” the Office of Management and Budget said in a statement.

………

Americans for Financial Reform, an advocacy group, defended the regulation.

The rule “simply says that financial professionals who claim to offer honest, unbiased advice on retirement savings should actually have to do that,” the group said.

“The motive for this resolution is not a genuine concern about the wellbeing of retirement savers. Instead, some Wall Street salespeople and their firms are worried about losing out on the billions of dollars in excess profits they have been making by recommending investment products that serve their own interests.”

If you look at the vote you will find 3 “Democratic” senators who voted to allow grandma to be cheated out of her retirement, former Congressional “Blue Dog” Joe Donnelly (D-IN), Heidi Heitkamp (D-ND), and Jon Tester (D-MT).

They need to be primaried, big time.

They are all up for reelection in 2018