House Makes Two More Whacks to DOL Rule
July 21, 2017 by Joe Morris
A House of Representatives panel has approved legislation to rescind the Department of Labor’s fiduciary rule, while the House Appropriations Committee separately adopted a funding bill that would prohibit enforcement of the rule, reports Ignites.
The House Education and Workforce Committee voted 23-to-17 along party lines Wednesday in favor of the Affordable Retirement Advice for Savers Act, which would nullify the DOL rule and implement a new best-interest standard for retirement advisors.
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Sponsor Phil Roe (R-Tenn.) touted the bill as protecting investors without the DOL rule’s perceived defect of limiting access to advice.
“A rule requiring sound retirement advice achieves nothing if it means many people will no longer have access to retirement advice at all,” he said. “By raising the bar for the retirement services industry and strengthening protections for savers, H.R. 2823 will help prepare lower- and middle-class Americans for retirement.”
Separately, the Appropriations Committee on Wednesday approved a draft DOL funding bill that declares the DOL rule “shall have no force or effect.”
Yet another effort to repeal the DOL rule is also afoot in the House: Draft legislation under consideration in the Financial Services Committee would strike down the DOL requirements and institute a new best-interest standard.
