The House Appropriations subcommittee with jurisdiction over theDepartment of Labor passed a provision yesterday that wouldprohibit the funding of a proposed fiduciary standard rule.

“None of the funds made available by this Act may be used tofinalize, implement, administer, or enforce the proposed Definitionof the Term ‘Fiduciary’,” according to language in the 2016 budgetfor the Department of Labor.

The proposed budget specifically names the Conflict of Interest Rule—Retirement InvestmentAdvice, as it was published in the Federal Registerlast April.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.