Members of the House Education and the Workforce Committee approved Thursday a resolution to block the Department of Labor’s recently released rule to amend the definition of fiduciary on retirement advice.
The resolution, H.J. Res. 88, was introduced on Tuesday and co-signed by Rep. Ann Wagner, R-Mo., along with Rep. Phil Roe, R-Tenn., chairman of the Subcommittee on Health, Employment, Labor and Pensions, and Rep. Charles Boustany, R-Louisiana, chairman of the Subcommittee on Tax Policy.
“Every American deserves retirement advice that’s in their best interest, but they also deserve access to the tools they need to save for the future,” Roe said. “We don’t need to choose between supporting affordable retirement advice and ensuring financial advisors act in good faith. Unfortunately, that reckless trade-off is one the administration is willing to accept. We must prevent this flawed rule from wreaking havoc on workers, retirees, and small businesses, and today’s vote is an important first step.”