House Republicans took the first step Thursday in a likely doomed effort to kill the Labor Department’s fiduciary rule.
On a party-line vote, the House Education and the Workforce Committee approved a resolution to void the rule.
However, only once in the last 20 years has Congress succeeded in overturning a federal regulation, according to the Congressional Research Service.
In the last year, Congressional efforts to kill the fiduciary rule when it was proposed also failed.
The best chance opponents may have in weakening or eliminating DOL’s mandate that retirement plan advisors always put their clients’ financial interests above their own appears may be in the federal courts.
Education and the Workforce Chair John Kline said no one planning to file suit has asked his office to prepare a friend-of-the-court brief or for other assistance.
A companion resolution to void the fiduciary rule has also been filed in the Senate.
Senate Majority Leader Mitch McConnell is one of 32 sponsors, who are all Republicans.
What makes federal rules so difficult to void by Congress is that overturning a Presidential veto takes a two-thirds vote by each chamber.
Currently there are 247 Republicans and 193 Democrats in the House with 54 Republicans and 44 Democrats in the Senate with two independents who often side with the Democrats.
House Republicans Take First Step To Kill Fiduciary Rule
April 21, 2016
« Previous Article
| Next Article »
Login in order to post a comment
Comments
-
Congress tried to pull the funding several budgets ago and failed. The only hope is a Republican president and then the agency rules can be modified/eliminated. There are a number of problems with the DOL rule but then that is what happens when the uninformed look at the ceiling for Divine guidance. It all started with a DOL study produced by one of their employees that was based on flawed assumptions and "untrue facts" Does not matter since some of the Democrats most liberal jumped all over it.
-
The House can pull the funding for it. But they probably won't. All spending originates in the House. So the regulation for the DOL can stand, but there won't be any money for implementation or enforcement.