Following on Senate’s heels, House members introduce resolution to stop DOL fiduciary rule

April 20, 2016

While the Labor Department’s modifications in the final rule have muted industry opponents for the moment, Congress continues the old fight

Apr 19, 2016 @ 1:26 pm | By Mark Schoeff Jr. | Investment News

Three House members introduced a resolution Tuesday that would kill the Labor Department’s recently finalized rule on investment advice for retirement accounts.

Reps. Phil Roe, R-Tenn., Charles Boustany, R-La., and Ann Wagner, R-Mo., offered the measure under a law, the Congressional Review Act, that allows Congress to halt a rule within 60 legislative days of its release.

The final version of the controversial DOL measure, which requires financial advisers to 401(k) and individual retirement accounts to act in clients’ best interests, was launched April 6 and published in the Federal Register on April 8.

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