House Passes Amendments Killing DOL Fiduciary Rule

The full House passed by voice vote late Tuesday three amendments to H.R. 5894, the Labor, Health and Human Services, Education, and Related Agencies Appropriations Act, that would block the Labor Department’s new fiduciary rule.

The Biden administration said in a statement that the president would veto the spending bill, blasting its deep cuts to popular programs as “cruel” and pushing House Republicans to stick to a bipartisan agreement made in May.

The House took up the continuing resolution to fund the government Tuesday afternoon and left H.R. 5894 as unfinished business. The House passed a temporary government funding bill late Tuesday.

The House will continue debating H.R. 5894 Wednesday.

“If the House does not pass the H.R. 5894, the amendments would remain part of the bill and could be used as leverage to add to an omnibus appropriations bill or a smaller, combined appropriations measure that included funding for the agencies the Labor-HHS bill,” Dan Zielinski, spokesman for the Insured Retirement Institute in Washington, told ThinkAdvisor Wednesday.