Long-time fiduciary rule opponent Rep. Ann Wagner, R-Mo., put compliance costs for the regulation at $31.5 billion.
The author of the CHOICE Act, Financial Services Committee Chairman Jeb Hensarling, has included axing the fiduciary rule as part of his way to fulfill the aim of the title of the bill, but Rep. Carolyn Maloney, D-N.Y., said the rule will only limit choice if it is the wrong choice.
Maloney added that repeal would leave millions without the protection they deserve.
Offering an olive branch to committee Republicans, Maloney said the fiduciary rule is open to improvement.
“We can all work together,” she told her GOP colleagues.
Rep. Al Green, D-Texas, accused committee Republicans of endorsing a business model that allows consumers to be ripped off.
“Seniors don’t know they are being ripped off, but that is what's happening,” he said.