HJRES 88 · 114th Congress · Labor and Employment
Disapproving the rule submitted by the Department of Labor relating to the definition of the term "Fiduciary".
Bill Progress
1
Introduced✓
Committee3
House Vote4
Senate5
EnactedLatest: Motion to refer the bill and accompanying veto message to the Committee on Education and the Workforce. The Chair directed the Clerk to notify the Senate of the action of the House.(2016-06-22)
Recorded Votes
PassedSenate · 2016-05-24
Roll #84 ↗Yea 56Nay 41
PassedSenate · 2016-05-24
Roll #84 ↗Yea 56Nay 41
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Plain Language Summary
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This joint resolution disapproves and nullifies a Department of Labor rule published on April 8, 2016, relating to the definition of the term "fiduciary" and the conflict of interest rule with respect to retirement investment advice. (The rule defines who is a fiduciary with respect to pension and retirement plans. Under current law, a person who provides investment advice has a fiduciary obligation that requires the person to provide advice in the sole interest of plan participants and beneficiaries. The rule changes the definition of "investment advice" to treat people who provide investment advice to pension and retirement plans for a fee or other compensation as fiduciaries in a wider array of advice relationships.)…
Summarized by Claude AI · Non-partisan · For informational purposes only
CBO Cost Estimate
Congressional Budget OfficeH.J. Res. 88, a joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of a rule submitted by the Department of Labor relating to the definition of the term “Fiduciary”
Apr 25, 2016As ordered reported by the House Committee on Education and the Workforce on April 21, 2016
Full CBO report ↗Official non-partisan budget analysis by the Congressional Budget Office
Cosponsors (20)
20 Republicans