By vote margins of 22 to 14, the House Education and Workforce Committee today approved two bills that would provide alternatives to the Labor Department’s rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act. One bill, sponsored by Rep. Phil Roe (R-Tenn.), would amend ERISA; the other, introduced by Rep. Peter Roskam (R-Ill.), would address the issue via the Internal Revenue Code.
Committee Chairman John Kline (R-Minn.) called the DoL proposal — which is expected to be finalized this spring — a “convoluted regulatory scheme that will drive up the cost of retirement advice.” ABA has strongly opposed the DoL proposal, arguing that it would limit the ability of bankers to help their customers save for retirement and make investment choices.
