The House Committee on Education and the Workforce approved Tuesday two bills that would replace the Department of Labor’s rule to amend the definition of fiduciary on retirement advice, which is now being reviewed by the Office of Management and Budget.
Committee Chairman John Kline, R-Minn., said at the markup that DOL is pursuing “a reckless regulatory scheme” with its fiduciary rulemaking “that will make it harder for low- and middle-income families to save for retirement.”
The bills approved Tuesday are the Affordable Retirement Advice Protection Act (H.R. 4293), introduced by Rep. Phil Roe, R-Tenn., and the Strengthening Access to Valuable Education and Retirement Support (SAVERS) Act (H.R. 4294), introduced by Rep. Peter Roskam, R-Ill.
The bills now advance to the full House.
The House Ways and Means Committee plans to mark up Wednesday the SAVERS Act, which is being led by Rep. Peter Roskam (R-Ill.). Both Roskam’s bill and the Affordable Retirement Advice Protection Act would require an affirmative vote by Congress before any final rule by the Department of Labor goes into effect.
Kline said during the Tuesday mark up that both HR 4293 and HR 4294 achieve “the same goal” as DOL’s proposal, “but in a way that doesn’t hurt small businesses and working families,” adding that he hoped lawmakers “can continue to move this bipartisan legislation forward and help more Americans retire with the dignity and financial security they deserve.”
Markup of the bills continued Tuesday despite lawmakers’ attempts to postpone the markup until lawmakers get a chance to see DOL’s final rule once released by OMB.
Rep. Jared Polis, D-Colo., said during the markup that considering the bills is “premature,” and that lawmakers “should be having this discussion after we see the final [DOL] rule.”