In the Margins

House committee: Repeal, replace DoL fiduciary rule

July 20, 2017

By InvestmentNews

In a party line vote, the House Education and the Workforce Committee approved legislation on Wednesday that would kill the Labor Department fiduciary rule and replace it with an advice standard based on disclosure. The DOL regulation "is completely unworkable and so complicated and burdensome that it will cause millions of Americans to lose access to their trusted advisers," said Rep. Virgina Foxx (R-N.C.) and chairwoman of the committee. Her arguments echoed those of financial industry opponents of the rule. Read the original story from InvestmentNews.