House Passes Bill to Fatally Delay DOL Rule
October 29, 2015 by John Hilton
The House of Representatives passed the Retail Investor Protection Act Tuesday night, widely seen as an alternative to the fiduciary-only rule being pushed by the Obama administration.
A bill proposed by Rep. Ann Wagner, R-Mo., passed 245-186 and would prohibit the Labor Department from instituting new rules governing financial services before the Securities and Exchange Commission (SEC) reviews the proposed regulations.
Wagner called the vote a win for low- and middle-income investors: “The Obama Administration and the Department of Labor believe that the American people need to be protected from themselves, that they are not smart or capable enough to control their own retirement savings.” Click HERE to view article
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