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House Adopts Resolution to Stop DOL Fiduciary Rule

Following on the heels of the Senate, the House of Representatives adopted a resolution to stop the recent DOL fiduciary rule.   The vote was strictly along party lines.  The Financial Services Committee’s press release about the vote expressed concern that in adopting the rule, the DOL ignored the SEC’s authority to regulate individuals who provide investment advice, and raised the possibility that the SEC could develop a conflicting fiduciary rule.  Labor Secretary Perez called the resolution a “waste of time,” because “President Obama has said forcefully that if this resolution were to come to his desk, he will veto. Not 'might veto it.' He will veto it.”