Congress Introduces New Fiduciary Rule-Killing Bill
The assault on the current DOL fiduciary rule continues unabated. Beyond the 18-month delay the rule just experienced, and the potential rolling back of the BICE, Congress has just put forth another bill to kill the rule in favor of a disclosure-based system. The bill was launched in the House by Rep. Ann Wagner (R-Mo.), who has been one of the most ardent opponents of the DOL's rule. There are no Democratic co-sponsors of the bill, and just as throughout all of this year it seems unlikely the bill will survive all the way through Congress.
FINSUM : The continuous stream of bills to kill the fiduciary rule is starting to seem like someone banging their head against a wall. That said, if they aren't put forth then they have no chance of ever getting through.
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