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House committees ready two assaults on DOL fiduciary rule this week

July 18, 2017

House committees ready two assaults on DOL fiduciary rule this week

One is a vote on a bill to kill Labor’s rule and replace it with a disclosure-based best-interest standard, while another will take up legislation to prevent funding for enforcement of the regulation

July 17, 2017 | by Mark Schoeff Jr. | InvestmentNews

Two House panels are poised this week to launch assaults on the Labor Department’s fiduciary rule.

On Wednesday, the House Education and the Workforce Committee will vote on legislation that would repeal the regulation and replace it with an advice standard based on disclosure. Also on Wednesday, the House Appropriations Committee will take up a DOL funding bill for fiscal 2018 that contains a rider that would prevent the agency from enforcing the fiduciary rule, which requires financial advisers to act in the best interests of their clients in retirement accounts.

Both measures are certain to pass their respective panels because of the Republican majorities on each.

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