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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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.
