House passes bill to block fiduciary rule

Last Thursday, the House passed legislation blocking the Department of Labor (DOL)’s fiduciary rule, which would force all retirement financial advisers to put their client’s interests ahead of their own.

While the rule sounds fair and reasonable, its effects would open companies up to frivolous lawsuits and raise the cost of doing business. Successful retirement financial advisers and their employees, like any good business, already put their client’s interests ahead of their own anyway. Speaker of the House Paul Ryan called the fiduciary rule, “Obamacare for financial planning because it puts federal bureaucrats “between you and your financial planner.”

The House passed legislation, H.J. Resolution 88, passed 234 to 183 along party line votes with all Republicans voting yes. President Obama has already promised to veto the legislation if it makes it to his desk.

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