Lawmakers are attempting to attach a rider to the omnibus spending bill that would require the Department of Labor to publish its fiduciary rule for another comment period before finalizing the rule.

The Financial Planning Coalition told members of Congress in a Dec. 7 letter, however, that “vigorously advocating for a rider on the year-end spending bill … may sound harmless, but it is not.” Adding another comment period “will run out the clock on this Administration’s ability to promulgate a final rule, which will as a practical matter defeat the rule.”

Meanwhile, House lawmakers said late Friday that they plan to introduce before Congress breaks on Dec. 18 their bill based on a “declaration of principles” that would be an alternative to the DOL’s rule to change the definition of fiduciary on retirement accounts.

Read the Full Article