House Republicans have introduced legislation that would replace the Labor Department’s conflict of interest rule with a new, disclosure-driven version of the fiduciary standard.
The Affordable Retirement Advice for Savers Act was introduced by Rep. Phil Roe, D-TN, and is co-sponsored by Rept. Peter Roskam, R-IL. Similar legislation was introduced last year in both chambers of Congress.
The bill repeals the expanded definition of fiduciary created under President Obama’s Labor Department, and replaces it with a new best interest standard.
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