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DOL Fiduciary News: September 8, 2017

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Congress likely to 'push down' the priority of killing DOL fiduciary rule

InvestmentNews; Sep 7, 2017 @ 5:32 pm

A main congressional opponent of the Department of Labor's fiduciary rule said Thursday that Capitol Hill's swelling political agenda will decrease the priority level of taking up legislation to kill the rule.

"Right now, you've got a debt-ceiling vote coming up, a hurricane bearing down on us, … health care that hasn't been done [and] tax reform … [The fiduciary rule] will get pushed down," Rep. Phil Roe, R-Tenn., a member of the House of Representatives' subcommittee on Health, Employment, Labor and Pensions, said.

"There's just so much on the plate for everyone up there right now. There are only so many things you can focus on," said Mr. Roe, the author of a bill to kill the DOL rule and replace it with an advice standard based on disclosure. That bill passed the House Education and the Workforce committee in July.

Rep. Wagner to Introduce Bill Repealing DOL Fiduciary Rule by Sept. 30

ThinkAdvisor; September 7, 2017

Rep. Ann Wagner, R-Mo., said Thursday that she plans to introduce her bill to repeal the Department of Labor’s fiduciary rule by the end of September.

Wagner, who chairs the House Financial Services Committee’s Oversight and Investigations Subcommittee, floated the draft bill, which also keeps a fiduciary rulemaking under the Securities and Exchange Commission’s jurisdiction, in mid-July.

“I’ll be introducing legislation that we’ve been working on for months, with all stakeholders, that does indeed establish a best-interest standard for broker-dealers,” Wagner said during an event held at the U.S. Chamber of Commerce in Washington.

In her prepared remarks, the representative said her bill would be introduced before SEC Chairman Jay Clayton testifies before the House Financial Services Committee in early October.

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