Democratic lawmakers indicated Wednesday they will oppose legislation to halt a Labor Department rule that would change investment advice standards for retirement accounts. Even Democrats who backed a similar bill two years ago said at a House Financial Services Committee hearing they will not be on board this time. The legislation, written by Rep. Ann Wagner, R-Mo., would require the DOL to stop work on its proposal, which is designed to reduce conflicts of interest for brokers, until the Securities and Exchange Commission has acted on a similar rule for all retail investment advice.
- Congressional Quarterly
- February 21, 2017