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.
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