Rep. Ann Wagner, R-Mo., said Thursday that she plans to introduce her bill to repeal the Department of Labor’s fiduciary rule by the end of September.
Wagner, who chairs the House Financial Services Committee’s Oversight and Investigations Subcommittee, floated the draft bill, which also keeps a fiduciary rulemaking under the Securities and Exchange Commission’s jurisdiction, in mid-July.
“I’ll be introducing legislation that we’ve been working on for months, with all stakeholders, that does indeed establish a best-interest standard for broker-dealers,” Wagner said during an event held at the U.S. Chamber of Commerce in Washington.
In her prepared remarks, the representative said her bill would be introduced before SEC Chairman Jay Clayton testifies before the House Financial Services Committee in early October.
“I believe we have a willing partner at the SEC, who gets it,” said Wagner, citing previous comments from Clayton that he would be “extremely disappointed” if there’s “a substantial reduction in choice for the retail investors” as a result of Labor’s fiduciary rule.
“I’ve had many interactions with [Chairman] Clayton, and I look forward to him coming before our committee,” she explained.
After introducing the bill by the end of September, Wagner said she’d then be “moving it to markup” soon thereafter.
As to her as yet unnamed bill, Wagner said that it repeals Labor’s fiduciary rule “period. Full stop. And it gets the Department of Labor out of the broker-dealer space.”
The bill also proposes “a best-interest standard for all broker-dealers and their entire portfolio of investment vehicles — investment and retirement. A best-interest standard for all broker-dealers that Congress sets,” she said.