Four members of the U.S. House of Representatives—two Democratsand two Republicans—have released an outline of legislation thatwould serve to replace the Department of Labor’s proposed fiduciaryrule.

“We are concerned that the Department of Labor’s currentfiduciary proposal may have unintended negative consequences thatcould harm individuals and families saving for retirement,” wrotethe legislators in a release, issued by Representatives Phil Roe,R-Tennessee, Richard Neal, D-Massachusetts, Peter Roskam, R-Illinois, and MichelleLujan Grisham, D-New Mexico.

The release does not say explicitly that the proposedlegislation would stop the DOL from finalizing a rule.

But the lawmakers did issue seven principals on which theirintended legislation would be based.

One principal says “public policies must protect access toinvestment advice and education for low and middle-income workersand retirees.”

Opponents of DOL’s fiduciary rule claim that the proposal’sextensive disclosure requirements on commission-based investmentsales would force IRA providers to a fee-based model, which theycould not accommodate for low-value accounts.

A recent Morningstar report suggested the rule would initiate anexodus of low-value IRA accounts from exiting brokers.

Ultimately, those accounts would be directed to robo-advisors,which Labor Secretary Thomas Perez has oftentouted as a conflict-free alternative to the existing brokerageindustry.

Opponents of the DOL say that would effectively deny thoselow-value account holders from financial advice and education.

A second legislative principal outlined by the lawmakers says“public policies should never deny individuals the financialinformation they need to make informed decisions.”

The DOL has issued two comment periods that elicited thousandsof comment letters from industry and stakeholders, as well ashosted a four-day open hearing.

Secretary Perez and other agency leaders have made repeatedpublic comments since, vowing to take industry’s concerns intoconsideration as it works to finalize an operationalregulation.

The agency has vowed to finalize a rule in the first half of2016. This week, a letter to the agency that originated fromRep. Jared Polis, D-Colorado, said theDOL should hold another 15 to 30 day comment period after it makesits final changes to the rule.

In their letter outlining the principals to their legislativeinitiative, the four lawmakers said that in spite of the Labor’spledge to change aspects of its proposal, “more must be done toadequately address concerns about the rule’s impact on the abilityof low- and middle-class families to save for retirement.”

Their legislation, when crafted, will require all retirementadvisors to serve in their clients’ best interest.

It would also require “clear, simple, and relevant disclosure ofmaterial conflicts, including compensation received and allinvestment fees to individuals saving for retirement.”