07.11.24
House Panels Vote To Torpedo DOL Fiduciary Rule
by: Tracey Longo
Two House committees voted to kill the U.S. Department of Labor’s (DOL) latest fiduciary rule. The House Committee on Education and the Workforce approved a Congressional Review Act resolution to disapprove the DOL’s retirement security rule, which broadens the fiduciary standard to apply to all professionals who offer investment advice to retirement rollover clients. The resolution now goes to the House floor for a vote. In separate action, the House Appropriations Committee approved a policy rider to prevent the DOL from spending any funds “to administer, implement or enforce” the fiduciary rule or its prohibited transaction exemptions. The rider was inserted in the DOL’s budget allocation for fiscal year 2025.
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