Rep. Ann Wagner, R-Mo. (Photo: AP)

Rep. Ann Wagner, R-Mo., introduced Wednesday her bill to repeal the Labor Department’s fiduciary rule.

Wagner said on Sept. 7 that she would introduce her bill, the Protecting Access for Small Savers Act, which keeps a fiduciary rulemaking under the Securities and Exchange Commission’s jurisdiction, by the end of September and would push for a speedy markup.

Wagner’s bill establishes a best-interest standard for broker-dealers, Wagner said during an event held at the U.S. Chamber of Commerce in Washington on Sept. 7, and repeals Labor’s rule, “period. Full stop. And it gets the Department of Labor out of the broker-dealer space.”

Introduction of her bill comes just a day after SEC Chairman Jay Clayton told senators that harmonizing a fiduciary rule with Labor is a top priority for him.

As Wagner stated in early September, her bill 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.”

That standard, she continued, would require recommendations made to retail customers that “reflect reasonable diligence,” as well as reflect “the reasonable care, skill and prudence that broker-dealers would exercise based on a customer’s investment profile.”

The types of compensation the advisor receives would also have to be disclosed under the bill, and advisors would be required to “clarify any conflict of interest that may exist,” Wagner said.

Her legislation, she added, would state that the SEC and the Financial Industry Regulatory Authority “would become the rightful regulators and enforcers of this [best-interest] standard.”

— Check out 5 Financial Professional Ideas for Improving the DOL Fiduciary Rule on ThinkAdvisor.