House Passes ABA-Supported Bill Delaying Fiduciary Rule

By a 245-186 vote, the House yesterday passed H.R. 1090, which would require the Department of Labor to wait 60 days to finalize its controversial rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act after the Securities and Exchange Commission issues its final rule before making its own rule.

ABA has strongly urged DoL to withdraw its proposed rule, arguing that it would hinder banks’ ability to offer 401(k)s, IRAs and retirement financial planning to their customers and thus limit the choices available to everyday retirement savers.