House spending bill includes provision to kill DOL fiduciary rule
Congressional Republicans continue to fight the measure that requires advisers to retirement accounts to act in clients’ best interest
Jul 7, 2016 @ 12:25 pm | By Mark Schoeff Jr. | Investment News
House lawmakers approved a spending bill Thursday that included a provision to kill a Labor Department regulation to raise investment advice standards for retirement accounts.
The move demonstrates that opponents of the rule are not giving up on legislative attempts to quash it.
The measure before the House Appropriations subcommittee with jurisdiction over the DOL contained a rider to prevent the agency from enforcing the DOL rule, which requires financial advisers to 401(k)s, individual retirement accounts and other qualified accounts to act in their clients’ best interests. The Republican majority on the panel virtually ensures that the provision will be OK’d by the full committee, too.
