Lawmakers are attempting to attach a rider to the omnibus spending bill that would require the Department of Labor to publish its fiduciary rule for another comment period before finalizing the rule.
The Financial Planning Coalition told members of Congress in a Dec. 7 letter, however, that ”vigorously advocating for a rider on the year-end spending bill … may sound harmless, but it is not.” Adding another comment period ”will run out the clock on this Administration’s ability to promulgate a final rule, which will as a practical matter defeat the rule.”
Meanwhile, House lawmakers said late Friday that they plan to introduce before Congress breaks on Dec. 18 their bill based on a “declaration of principles” that would be an alternative to the DOL’s rule to change the definition of fiduciary on retirement accounts.
The group of lawmakers drafting the principles — which includes Reps. Phil Roe, R-Tenn.; Richard Neal, D-Mass.; Peter Roskam, R-Ill.; and John Larson, D-Conn. — may attempt to get their bill attached to the omnibus spending bill as well. The lawmakers said in a Friday statement that they still have a “few details to finalize,” on their legislation, and that they are “optimistic” they will introduce the bill before Congress breaks for the holidays.
The lawmakers said their legislative proposal reflects “the principles we believe will help Americans save for retirement.” Growing bipartisan interest in DOL’s rulemaking “demonstrates the continued concerns many have with the department’s approach and the need for Congress to offer a responsible solution.”
But wheeling and dealing on the “huge” omnibus spending bill likely won’t get done by the Dec. 11 deadline, notes Greg Valliere, chief global strategist at Horizon Investments, in his Monday commentary. The new deadline, he said, will be extended to Dec. 18.