The April 10 rollout of the Department of Labor's contentious fiduciary rule is less than four months away. Republican lawmakers, however, want to wind back the clock.
Rep. Joe Wilson, a South Carolina Republican, has introduced a bill that would delay the rule, which requires broker-dealers and financial advisors to provide advice in the best interest of their clients in retirement accounts, for two years.
"Rather than making retirement advice and financial stability more accessible for American families, they have disrupted the client-fiduciary relationship, increased costs and limited access," Wilson said, in a statement. "This legislation will delay the implementation of this job-destroying rule, giving Congress and President-elect Donald Trump adequate time to re-evaluate this harmful regulation."
Five Republican lawmakers have co-sponsored the bill since its introduction Jan. 6 and five financial services trade groups — the American Council of Life Insurers, the Financial Services Roundtable, the Insured Retirement Institute, the National Association of Insurance and Financial Advisors and the Securities Industry and Financial Markets Association — have voiced their support for the legislation.