The House Financial Services Capital Markets Subcommittee, chaired by Rep. Ann Wagner, R-Mo., plans to hold a hearing Jan. 10 on the Labor Department's new fiduciary rule proposal.
Wagner has been a staunch critic of Labor's fiduciary rules, past and present.
The hearing will examine the rule's implications for retirement savings and access.
Sen. Bernie Sanders, I-Vt. applauded Labor's new proposal, stating that it "levels the playing field for consumers by applying a uniform advice standard to retirement investments" and "closes loopholes around rollover recommendations and advice to employers sponsoring 401(k) plans."
The plan, Sanders, chairman of the Senate Health, Education, Labor and Pensions Committee, told Labor in a Jan. 2 comment letter, "prohibits unscrupulous financial professionals from steering retirement savers into expensive or poorly performing products that provide an incentive for the advisor — even if it is not the best choice for the client."
The comment period on Labor's new rule ended on Jan. 2.
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