New Spending Bill Would Torpedo DOL Fiduciary Rule

The House Appropriations Committee’s proposed Fiscal year 2025 funding legislation, released Wednesday, would prevent the Department of Labor from using any funds to administer, implement or enforce its new fiduciary rule and related prohibited transaction exemptions.

The House Subcommittee on Health, Employment, Labor and Pensions, chaired by Rep. Bob Good, R-Va., plans to hold a hearing Thursday to examine the policies and priorities of Labor’s Employee Benefits Security Administration. Lisa Gomez, head of EBSA, is scheduled to testify.

Wayne Chopus, president and CEO of the Insured Retirement Institute, said Wednesday in a statement that IRI “supports Congress’ efforts to stop DOL’s harmful retirement security rule. These policy riders will help to preserve consumers’ access to much-needed financial information and guidance to effectively plan for retirement.”

Several insurance groups have filed lawsuits against Labor’s fiduciary rule.