On the eve of the fiduciary rule’s effective date, Republican lawmakers in both the House and Senate introduced legislation today to block the rule, which greatly expands the definition of who counts as a “fiduciary” under the Employee Retirement Income Security Act and the Internal Revenue Code.
The House bill was introduced by Reps. Phil Roe (R-Tenn.) and Peter Roskam (R-Ill.). In the Senate, Sen. Johnny Isakson (R-Ga.) introduced the measure, which was co-sponsored by Sens. Lamar Alexander (R-Tenn.), Mike Enzi (R-Wyo.), Pat Roberts (R-Ky.), Tim Scott (R-S.C.) and Todd Young (R-Ind.).
While the Trump administration did not move the June 9 effective date for the rule, Labor Secretary Alexander Acosta said last month that the DOL will continue to review the final rule pursuant to an executive action by the president. ABA has long advocated for additional delays and revisions to the rule to facilitate compliance and ensure it does not negatively affect the services available to bank customers.Email This Post