Rep. Ann Wagner said Wednesday that her goal is to have her bill, H.R. 2374, the Retail Investor Protection Act, marked up and passed by the House Financial Services Committee by the end of September.
Discussion of the bill during a Thursday hearing held by the House Financial Services Capital Markets and Oversight and Investigations subcommittees, will mark an “important first step on the Retail Investor Protection Act to fix what I believe is a very bad fiduciary rule from the Department of Labor,” Wagner, R-Mo., said on a Wednesday call with reporters.
The joint hearing, titled “Preserving Retirement Security and Investment Choices for All Americans,” will also discuss “how to handle this overreach” by the Obama administration and DOL, Wagner said.
H.R. 2374 is “good legislation that prevents an overzealous administration from taking away sound advice from low- and middle-income savers,” Wagner added.
Wagner said on the call that while her bill could go straight to the full committee for a vote, the plan is to mark up her bill by “the end of the month.”
The Retail Investor Protection Act “could go to full committee in its original form, and has passed once before, but our plan is to move it to markup.”
Wagner, who is a member of both subcommittees, reintroduced her Retail Investor Protection Act on Feb. 25; it requires the DOL to wait to repropose its fiduciary rule until the Securities and Exchange Commission issues its own fiduciary rulemaking.
Wagner acknowledged that the “lobby” against her bill is “very tough,” citing opponents like Sen. Elizabeth Warren, D-Mass., as well as Labor Secretary Thomas Perez and the administration.