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House Committee Passes Resolution Against Fiduciary Rule

The House Education and the Workforce Committee on April 21 passed a resolution introduced just two days earlier that is intended to block the fiduciary rule the Department of Labor (DOL) issued in final form on April 6.

By a 22-14 vote, the committee approved H.J. Res. 88, the measure introduced by Rep. Phil Roe (R-Tenn.) on April 19. “We don’t need to choose between supporting affordable retirement advice and ensuring financial advisors act in good faith,” said Roe, who chairs the committee’s Health, Employment, Labor, and Pensions Subcommittee, in a committee press release.

The resolution is still pending before the House Ways and Means Committee. The Senate is considering its own version, S.J. Res. 33, which Sen. Johnny Isakson (R-Ga.) introduced on April 18. That resolution is before the Senate Health, Education, Labor and Pensions Committee.