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Resolution to Strike Down DOL Fiduciary Rule Fails

An effort in the House to pass a resolution to strike down a new Labor Department’s conflict-of-interest fiduciary rule, designed to raise investment-advice standards, failed to garner the two-thirds necessary to overturn the president’s veto. The vote occurred late on June 22...
June 28, 2016

An effort in the House to pass a resolution to strike down a new Labor Department’s conflict-of-interest fiduciary rule, designed to raise investment-advice standards, failed to garner the two-thirds necessary to overturn the president’s veto. The vote occurred late on June 22.

The U.S. Chamber of Commerce and eight financial services groups have filed a federal lawsuit to vacate the DOL fiduciary rule update, saying the agency overstepped its authority.

“The DOL fiduciary rules may make professional advice too expensive for millions of households and small businesses,” said PIA National Vice President of Government Relations Jon Gentile, in comments to A.M. Best’s Best’s News Service. “In addition, the increased liability exposure for advisers would also increase the cost of services, causing some advisers to exit the market entirely or discontinue services for smaller accounts