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Senators Introduce Resolution to Stop DOL Fiduciary Rule

Three Republican Senators introduced a resolution to stop the recent DOL fiduciary rule.   Senator Enzi, one of the sponsors, expressed concern that “this new rule will cut off access for that advice unless you have more money to pay for increased fees the rule will likely cause. We already have financial literacy problems and this rule could stifle access to the good information already available, hurting the exact people that the rule is supposedly designed to serve.” 

According to the Senators’ statement, the Congressional Review Act gives the House and Senate the power to adopt a joint resolution “to stop, with the full force of law, a federal agency from implementing a rule or regulation or issuing a substantially similar regulation without congressional authorization.”  However, as InvestmentNews points out, President Obama was a strong supporter of the rule, and would likely veto any such resolution.