A week after House lawmakers debated draft legislation put forth by Rep. Ann Wagner, R-Mo., to repeal the Department of Labor’s fiduciary rule, House lawmakers plan to mark up on Wednesday another bill that seeks to overturn the rule.
The House Committee on Education and the Workforce plans to convene a markup of the Affordable Retirement Advice for Savers Act , H.R. 2823, which was introduced on June 8 by Rep. Phil Roe, R-Tenn., a member of the House Committee on Education and the Workforce, and Rep. Peter Roskam, R-Ill., chairman of the Ways and Means Subcommittee on Tax Policy.
Their bill overturns the Obama administration’s fiduciary rule while ensuring retirement advisors serve their clients’ best interests.
H.R. 2823 overturns Labor’s fiduciary rule, while requiring financial advisors to serve their clients’ best interests and enhancing “transparency and accountability through clear, simple and relevant disclosure requirements,” the lawmakers said.