DOL Fiduciary News: July 18, 2017
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House committees ready two assaults on DOL fiduciary rule this week
InvestmentNews; July 17, 2017 @ 1:56 pm
Two House panels are poised this week to launch assaults on the Labor Department's fiduciary rule.
On Wednesday, the House Education and the Workforce Committee will vote on legislation that would repeal the regulation and replace it with an advice standard based on disclosure. Also on Wednesday, the House Appropriations Committee will take up a DOL funding bill for fiscal 2018 that contains a rider that would prevent the agency from enforcing the fiduciary rule, which requires financial advisers to act in the best interests of their clients in retirement accounts.
Both measures are certain to pass their respective panels because of the Republican majorities on each.
ACLI Backs Wagner’s DOL Fiduciary Rule Replacement
ThinkAdvisor; July 14, 2017
The American Council of Life Insurers is doing what it can to help Rep. Ann Wagner, R-Mo., find support for her proposal for replacing the U.S. Department of Labor's fiduciary rule.
The House Financial Services Capital Markets Subcommittee held a hearing on Wagner's discussion draft Thursday.
Mark Halloran, an insurance company executive who spoke for the ACLI at the hearing, said the ACLI believes the Wagner proposal would fix problems in Labor's rule that could threaten consumers' access to insurance, annuities and financial advice, and that it could also set appropriate standards for the relationship between consumers and financial professionals.