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.

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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.