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Senate Committee Approves Bill Denying Funds for Fiduciary Rule

The Senate Appropriations Committee on June 25 in a 16-14 vote approved the fiscal year 2016 Labor, Health and Human Services (LHHS) funding bill, which denies funding that would enable the Department of Labor (DOL) to implement the fiduciary rule.

Committee Chairman Thad Chochran (R-Miss.) hailed the bill as taking “a thoughtful, responsible approach to funding programs important to our country” and added that it helps “ensure that our taxpayer money is spent wisely and effectively.”

The Senate Appropriations Subcommittee on Labor, Health and Human Services, and Education and Related Agencies had approved the $153.2 billion measure on June 23.

One day before its Senate counterpart, the House Appropriations Committee approved the measure.

What’s Next

The measures will now go to the full House and Senate for a vote.

Approval of the defunding provisions in both appropriation bills does not necessarily mean that they will be enacted into law. The budget process is complex, problematic and subject to political dealmaking at all levels.