House to Vote on Bill Killing DOL's New Fiduciary Rule

The House is expected to vote Tuesday on a spending bill to fund several federal agencies that contains amendments blocking the Labor Department from using any funds to implement its new fiduciary rule.

The bill — H.R. 5894, the Labor, Health and Human Services, Education, and Related Agencies Appropriations Act, sponsored by Rep. Robert Aderholt, R-Ala. — includes three amendments on Labor’s fiduciary rule.

An amendment by Rep. Rick Allen, R-Ga., restricts any funds made available by the bill brom being used to finalize, implement or enforce Labor’s proposed rule, entitled “Retirement Security Rule: Definition of an Investment Advice Fiduciary” or any substantially similar rule.

Rep. Ann Wagner, R-Mo., inserted an amendment to prohibit Labor from using funds to finalize, implement or enforce proposed amendments to class prohibited transaction exemptions (PTEs) available to investment advice fiduciaries.