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Wagner's Bill to Repeal DOL Fiduciary Rule Set for Markup Next Week

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The House Financial Services Committee will mark up on Wednesday Rep. Ann Wagner’s bill to repeal the Labor Department’s fiduciary rule, the Protecting Advice for Small Savers Act of 2017, H.R. 3857.

Wagner, R-Mo., introduced her bill, which keeps a fiduciary rulemaking under the Securities and Exchange Commission’s jurisdiction, on Sept. 27.

Wagner’s bill establishes a best-interest standard for broker-dealers, and as she said in recent comments, repeals Labor’s rule, “period. Full stop. And it gets the Department of Labor out of the broker-dealer space.”

SEC Chairman Jay Clayton told House lawmakers on Oct. 4 that the agency is working on its own fiduciary rule and that “a lot of the themes that you outlined [in the PASS Act] are the themes that I have.”

Other bills to be marked up by the committee on Oct. 11 include:

H.R. 3758, the Senior Safe Act of 2017

H.R. 1585, to amend the Securities Act of 1933 to codify certain qualifications of individuals as accredited investors for purposes of the securities laws.

H.R. 1645, the Fostering Innovation Act of 2017

H.R. 2121, the Pension, Endowment, and Mutual Fund Access to Banking Act

H.R. 2706, the Financial Institution Customer Protection Act of 2017

H.R. 2954, the Home Mortgage Disclosure Adjustment Act

H.R. 3072, the Bureau of Consumer Financial Protection Examination and Reporting Threshold Act of 2017

H.R. 3299, the Protecting Consumers’ Access to Credit Act of 2017

H.R. 3312, the Systemic Risk Designation Improvement Act of 2017


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