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Roskam Anticipates House Approval of Bill to Stop DOL Fiduciary Rule

January 26, 2016

The author of legislation that would halt a Labor Department rule designed to limit conflicts of interest on retirement-investment advice anticipates the measure will make it at least to the House floor

Jan 21, 2016 @ 4:58 pm | By Mark Schoeff Jr. | Investment News

The author of legislation that would halt a Labor Department rule designed to limit conflicts of interest on retirement-investment advice anticipates the measure will make it at least to the House floor and send a clear signal of Capitol Hill concern to the agency.

Rep. Peter Roskam, R-Ill. and a member of the House Ways and Means Committee, introduced the bill on Dec. 18, just before Congress began its holiday recess. It would replace the DOL rule with a standard that requires advisers to act in the best interests of their clients in retirement accounts and disclose conflicts, compensation and fees.

“What we’ve got the capacity to do is actually get something on the floor,” Mr. Roskam said in an interview Thursday. “I have a high level of confidence in the direction this is going. This will pass out of the House and be very attractive in the United States Senate.”

 

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