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.
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Committee
Latest Action · May 15, 2024
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
This joint resolution disapproves a Department of Labor rule that expands the definition of "investment advice fiduciary" under retirement security regulations. The rule, published on April 25, 2024, would require more financial advisors and firms to meet stricter fiduciary standards when giving retirement investment advice, meaning they would have a legal obligation to act in their clients' best interests. If approved, this resolution would block the rule from taking effect and prevent it from being enforced. The measure was introduced by a bipartisan group of senators led by Senator Budd and reflects concerns from some lawmakers and the financial industry that the expanded definition could increase compliance costs and limit access to retirement advice services. The resolution uses the Congressional Review Act, a legislative tool that allows Congress to overturn federal regulations with a simple majority vote in both chambers.
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