The House Financial Services Committee plans to mark up on Wednesday Rep. Ann Wagner’s bill designed to stop the Department of Labor from making a new fiduciary rule under ERISA, despite predictions that DOL is poised to issue a final rulemaking by year-end.
Wagner’s bill, H.R. 1090, the Retail Investor Protection Act, “begins to correct” DOL’s proposed fiduciary rule that “will raise costs, restrict choice and reduce access to investment advice for lower- and middle-income families seeking financial independence,” the Committee said in a statement on its website announcing the planned markup.
The comment period on the DOL fiduciary rule officially closed Thursday after DOL took comments on the transcript of four days of hearings on the redraft that occurred in mid-August.
House Financial Services Chairman Jeb Hensarling, R-Texas, said at a Sept. 10 hearing to discuss Wagner’s bill that he would advance her Retail Investor Protection Act as it “will stop” the DOL’s “misguided” fiduciary rule and require the DOL to defer to the Securities and Exchange Commission’s “expertise” on fiduciary-related issues.
But SEC Chairwoman Mary Jo White reportedly said recently that a fiduciary rule by the agency isn’t coming anytime soon.
Wagner said on a Sept. 9 call with reporters that her bill is “good legislation that prevents an overzealous administration from taking away sound advice from low- and middle-income savers.”