House committee cuts funding for DOL's fiduciary rule

House committee cuts funding for DOL's fiduciary rule
Legislation gives the Labor Department $1.4 billion less than requested
JUN 23, 2015
The Department of Labor would be unable to spend any money to update its fiduciary rule under a House Appropriations Committee budget approved Wednesday. The legislation, which would also defund Obamacare, President Barack Obama's Patient Protection and Affordable Care Act, is aimed at reducing “harmful red tape,” a committee summary said. The vote was 30-21, with all Democrats opposing it. (Related read: House panel seeks to freeze SEC budget) The Senate Appropriations Committee is scheduled to vote Thursday on a similar measure, which was approved by a subcommittee Tuesday. The House spending package gives the Labor Department $11.7 billion for fiscal year 2016, which is $1.4 billion less than requested. It gives the Pension Benefit Guaranty Corp. an additional $9.2 million to handle more terminated defined benefit plans, and permission to seek additional funds for “extraordinary multiemployer program related expenses.” Hazel Bradford is a reporter at sister publication Pensions & Investments.

Latest News

Morningstar forges fintech partnership with SS&C
Morningstar forges fintech partnership with SS&C

The alliance will give Black Diamond users the first chance to use a newly launched advisory suite as Morningstar shutters a legacy advisor platform.

Passive pressures will drive continued mutual fund consolidation into 2030, PWC says
Passive pressures will drive continued mutual fund consolidation into 2030, PWC says

A continuing shift to low fees, growing dominance of mega-managers, and the clamor for product innovation are set to reshape the landscape.

Amid festering trade tensions, Grantham's GMO launches China-dodging ETF
Amid festering trade tensions, Grantham's GMO launches China-dodging ETF

Notwithstanding a recent tech-driven rebound in Chinese markets, five- and 10-year lookbacks suggest dropping the emerging-market giant is still the winning strategy.

Finra sanctions smoothie-throwing broker over alleged cash reporting failures
Finra sanctions smoothie-throwing broker over alleged cash reporting failures

But the Finra panel's decision against James Iannazzo was not unanimous.

Student debt has a chilling effect on employees' retirement planning
Student debt has a chilling effect on employees' retirement planning

A new study highlights how debt-saddled public and private workers are forced to focus on shorter-term investments and immediate financial concerns.

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.