A week after House lawmakers debated draft legislation put forth by Rep. Ann Wagner, R-Mo., to repeal the Department of Labor’s fiduciary rule, House lawmakers plan to mark up on Wednesday another bill that seeks to overturn the rule.
The House Committee on Education and the Workforce plans to convene a markup of the Affordable Retirement Advice for Savers Act , H.R. 2823, which was introduced on June 8 by Rep. Phil Roe, R-Tenn., a member of the House Committee on Education and the Workforce, and Rep. Peter Roskam, R-Ill., chairman of the Ways and Means Subcommittee on Tax Policy.
Their bill overturns the Obama administration’s fiduciary rule while ensuring retirement advisors serve their clients’ best interests.
H.R. 2823 overturns Labor’s fiduciary rule, while requiring financial advisors to serve their clients’ best interests and enhancing “transparency and accountability through clear, simple and relevant disclosure requirements,” the lawmakers said.
The lawmakers also argued their bill allows small-business owners to continue receiving the help they need to provide retirement plans for their employees.
“For years, this committee has led the fight against the reckless fiduciary rule promulgated by the Obama administration and has promoted commonsense solutions to strengthen protections for retirement savers,” said Rep. Virginia Foxx, R-N.C., chairwoman of the education and workforce committee, in a Monday statement announcing the markup. “This legislation represents the next step in our effort to ensure all Americans have access to affordable retirement advice that’s in their best interests. I commend my colleague Representative Roe for championing this proposal, and look forward to moving it through the legislative process.”
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