Congress passed a joint resolution (H.J.Res 88) under the Congressional Review Act that would nullify recently promulgated U.S. Labor Department regulations concerning the fiduciary responsibilities of financial advisors. The House passed the joint resolution on April 28, and the Senate passed the bill on May 24, 2016.
The president would have to sign the resolution for it to take effect. The White House in late April 2016 issued a Statement of Administration Policy [PDF 307 KB] stating that if presented with H.J.Res. 88, the president would veto the resolution.
In April 2016, the Labor Department issued regulations establishing fiduciary standards for financial advisors providing investment advice with respect to retirement investments. The new rules are intended to protect retirement savings by treating investment advisors as fiduciaries. Read TaxNewsFlash-United States
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