As anticipated, GOP lawmakers are introducing bills to block the Department of Labor’s recently released rule to amend the definition of fiduciary on retirement advice.
Keeping to her promise to use the Congressional Review Act to stop DOL’s final rule to amend the definition of fiduciary under the Employee Retirement Income Security Act, Rep. Ann Wagner of Missouri, along with two other GOP lawmakers, introduced Tuesday a joint resolution disapproving the rule.
The resolution, which will be marked up by the House Education and Workforce Committee on Thursday, is co-signed by Rep. Phil Roe, R-Tenn., chairman of the Subcommittee on Health, Employment, Labor and Pensions, along with Rep. Charles Boustany, R-Louisiana, chairman of the Subcommittee on Tax Policy.
On Monday, Republican Sens. Johnny Isakson of Georgia, Lamar Alexander of Tennessee and Mike Enzi of Wyoming introduced a similar resolution.
DOL announced its final rule on April 6; Congress may pass a resolution of disapproval of a rule within 60 days under the Congressional Review Act, which would block the DOL from implementing the rule or issuing a similar one without congressional authorization.
But President Barack Obama would likely veto such a resolution.