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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