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

SEC fines Zoe Financial $450K over undisclosed referral conflict
SEC fines Zoe Financial $450K over undisclosed referral conflict

Salespeople at the firm often went beyond the matching algorithm to recommend network advisors on its Zoe Wealth platform, according to the regulator.

Senate vote on NIL bill could reshape college athletes' paydays
Senate vote on NIL bill could reshape college athletes' paydays

The Protect College Sports Act would cap school payments and codify NIL rights, with implications for advisors guiding young athletes.

'I'm done': Pandemic memories push business owners toward the exit
'I'm done': Pandemic memories push business owners toward the exit

"I know the number that I want to be able to retire on, and now I just want out," says Wilmington Trust's Marguerite Weese, describing a common refrain among business-owner clients.

Northern Trust bulks up family office team with New York hires
Northern Trust bulks up family office team with New York hires

Bessemer and Brown Brothers Harriman veteran Robert Ludricks III and private markets specialist Olof Akesson join the ultra-high-net-worth push on the East Coast.

SEC accuses trucking operator of running $127 million Ponzi scheme
SEC accuses trucking operator of running $127 million Ponzi scheme

765 investors were promised 260% annual returns on truck leases

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains