White House issues veto threat for House bill on Labor Department rule

The White House issued a veto threat on Monday for a U.S. House of Representatives' bill that it said would "derail" an effort by the Labor Department to provide new protections to investors receiving advice from brokers.

"This bill would effectively block action to protect working and middle-class families from the harmful conflicts of interest that lead to biased advice," the White House said in a statement about the Retail Investor Protection Act.