The House Education and Workforce Committee has scheduled for Wednesday a vote on a Congressional Review Act resolution to disapprove the Labor Department's new fiduciary rule, according to a notice on the committee's website.
The Insured Retirement Institute, which calls the rule an "attempt to impose a one-size-fits-all fiduciary standard on virtually all financial professionals who sell retirement products," said that it was urging committee members to approve it.
The Congressional Review Act allows Congress to overturn rules issued by a presidential administration through a joint resolution of disapproval. The resolution must pass the House and Senate and be signed by the president, or Congress must override the president's veto.
More Congressional Moves
On June 26, the House Appropriations subcommittee on Labor, Health and Human Services, Education and related agencies passed by voice vote funding legislation for fiscal year 2025 that would prevent Labor from using any funds to administer, implement or enforce its new fiduciary rule and related prohibited transaction exemptions.
The House Appropriations Committee is scheduled to vote Wednesday on the appropriations measure.
