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DOL Fiduciary News: May 5, 2017

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Bill to Replace Dodd-Frank, Kill DOL Fiduciary Rule Passes House Panel

ThinkAdvisor; May 4, 2017

After three days of raucous debate, the Financial Choice of 2017, the Republican bill to replace Dodd-Frank, passed the House Financial Services Committee by a 34-26 vote Thursday.

Heated debate ensued over the three-day markup, with Democrats vehemently opposing provisions of the bill that gut the Consumer Financial Protection Bureau, kill the Volcker rule, and repeal the Labor Department’s fiduciary rule so that the Securities and Exchange Commission can move first on a fiduciary rule.

House Democrats try to protect DOL fiduciary rule from repeal in Dodd-Frank overhaul bill

InvestmentNews; May 3, 2017 @2:21 pm

A House panel was poised to stop a Democratic effort on Wednesday to remove a provision of financial reform legislation that would kill the Department of Labor's fiduciary rule.

During a House Financial Services Committee markup of the Financial CHOICE Act, Rep. Stephen Lynch, D-Mass., filed an amendment to strike a provision of the measure that would nullify the DOL rule and prohibit the agency from promulgating its own regulation until the Securities and Exchange Commission has proposed an investment-advice regulation.

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