The House Education and the Workforce Committee voted Wednesday to advance a resolution to overturn the Department of Labor's new fiduciary rule, called the Retirement Security Rule.
The House Committee joint resolution of disapproval was introduced by Congressman Rick Allen (GA). "The Biden Administration has shown that it is out of touch with reality by finalizing such an overly restrictive fiduciary rule that complicates financial planning through excessive regulation," said Allen.
The DOL's Retirement Security Rule was finalized in April and scheduled to take effect September 23. It would extend fiduciary duties under the Employee Retirement Income Security Act (ERISA) to one-time recommendations to retirement investors. This would include recommendations such as rollovers and annuity sales.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
