Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Labor relating to "Retirement Security Rule: Definition of an Investment Advice Fiduciary".
This resolution uses the Congressional Review Act to reject a Department of Labor rule known as the "Retirement Security Rule: Definition of an Investment Advice Fiduciary," which was published in April 2024. If passed, the resolution would formally nullify the rule, meaning it would have no legal effect. The underlying Labor Department rule had expanded the definition of who counts as an investment advice fiduciary, a change intended to require more financial professionals to act in their clients' best interests when giving retirement investment advice. This measure primarily affects financial advisors, brokers, insurance agents, and other professionals who provide retirement investment guidance, as well as the workers and retirees who rely on their advice. The bill does not include funding provisions, but if enacted, it would take effect upon passage and permanently block the rule from being enforced, with the added restriction that agencies generally cannot issue similar rules in the future without new congressional authorization.
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