Republicans Press New Bill to Kill Fiduciary Rule

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Republicans Press New Bill to Kill Fiduciary Rule


Despite the fiduciary rule having gone into effect on June 9th, there are still some major developments going on with regards to the rule that advisors need to know about. Firstly, the DOL's review of the rule is pressing ahead with the department taking public comments. Secondly, the CHOICE act, which would kill the rule, has been passed in the House and awaits a vote in the Senate. However, the newest piece of info is that since the CHOICE Acts look to face long odds in the Senate, Republican lawmakers have forged ahead and drafted a new financial bill, the Affordable Retirement Advice for Savers Act, which would also overturn the rule in case the CHOICE act fails. One Republican rep advancing the bill summed it up saying "This legislation reflects a more responsible solution that will ensure all Americans have access to affordable retirement advice that's in their best interest".

FINSUM : On the surface, this new proposal seems like a good solution as it has fiduciary duty at its heart but it is designed to not undermine advice to lower and middle income families. It also appears to mitigate the threat of big lawsuits.

  • republicans
  • DoL
  • fiduciary rule
  • senate

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Wealth Management

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