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Rep. Ann Wagner’s bill to repeal the Labor Department’s fiduciary rule, the Protecting Advice for Small Savers Act of 2017, H.R. 3857, passed out of the House Financial Services Committee on Thursday.
The bill, which passed by a vote of 34-26, now goes to the House.
Wagner, R-Mo., introduced her bill, which keeps a fiduciary rulemaking under the Securities and Exchange Commission’s jurisdiction, on Sept. 27.
Wagner’s PASS Act establishes a best-interest standard for broker-dealers, and as she said recently, repeals Labor’s rule, “period. Full stop. And it gets the Department of Labor out of the broker-dealer space.”
....Dirk Kempthorne, president and CEO of the American Council of Life Insurers, applauded committee passage of the bill, stating that it "represents an important step toward efficient and effective uniform standard of conduct regulation that would ensure Americans receive financial advice that is in their best interest while also maintaining access to the financial products and services they want and need."
Bill to Kill DOL Fiduciary Rule Passes House Panel
It's good to know who owns Wagner.
The bill, which passed by a vote of 34-26, now goes to the House.
Wagner, R-Mo., introduced her bill, which keeps a fiduciary rulemaking under the Securities and Exchange Commission’s jurisdiction, on Sept. 27.
Wagner’s PASS Act establishes a best-interest standard for broker-dealers, and as she said recently, repeals Labor’s rule, “period. Full stop. And it gets the Department of Labor out of the broker-dealer space.”
....Dirk Kempthorne, president and CEO of the American Council of Life Insurers, applauded committee passage of the bill, stating that it "represents an important step toward efficient and effective uniform standard of conduct regulation that would ensure Americans receive financial advice that is in their best interest while also maintaining access to the financial products and services they want and need."
Bill to Kill DOL Fiduciary Rule Passes House Panel
It's good to know who owns Wagner.
