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ARTICLE · 22 AUGUST 2017

Recent Developments On DOL Fiduciary Rule

Womble Bond Dickinson
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Although portions of the Department of Labor's Fiduciary Rule went into effect on June 9, it remains under constant attack on multiple fronts – from legislators, industry leaders, and even the Department of Labor itself.

United StatesEmployment and HR
David Hamilton
David Hamilton
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Although portions of the Department of Labor's Fiduciary Rule went into effect on June 9, it remains under constant attack on multiple fronts – from legislators, industry leaders, and even the Department of Labor itself. 

There have been several attempts to kill the Fiduciary Rule in recent months.  On June 8, The Financial Choice Act (H.R. 10), which overhauls the Dodd-Frank Act and in the process repeals the Fiduciary Rule, passed by a vote of 233 to 186 in the Republican-led House.  It now goes to the Senate for consideration.

In an attempt to hit the Fiduciary Rule where it really hurts, on July 19, the House Appropriations Committee approved a Labor, Health and Human Services and Education spending bill for fiscal year 2018 that not only reduces the Department of Labor's budget, but blocks enforcement of the Fiduciary Rule.  The bill passed by a vote of 28 to 22.

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