In the House, Rep. Phil Roe (R-Tenn.), chairman of the House Subcommittee on Health, Employment, Labor, and Pensions, along with Rep. Charles Boustany (R-La.), chairman of the Subcommittee on Tax Policy, and Rep. Ann Wagner (R-Mo.), have introduced a resolution, under the Congressional Review Act, to block the Department of Labor’s final fiduciary regulation, or as they termed it, the “controversial rule restricting access to investment advice.”
A press release from the House Education and the Workforce Committee notes that under the Congressional Review Act, Congress may pass a resolution of disapproval to prevent, with the full force of the law, a federal agency from implementing a rule or issuing a substantially similar rule without congressional authorization. The resolution would block the DOL’s fiduciary rule, which is scheduled to go into effect in April 2017.On the other side of Capitol Hill, Sen. Johnny Isakson (R-Ga.) on April 18 introduced S.J. Res. 33. The resolution states that Congress disapproves of the fiduciary rule, and that the rule "shall have no force or effect." The resolution has been referred to the Senate Health, Education, Labor and Pensions Committee.
Other House members and senators have have previously introduced legislation to counter and/or slow the DOL’s fiduciary regulation as well.
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