Disapproving the rule submitted by the Department of Labor relating to the definition of the term "Fiduciary".

Bill: 114-hjres-88
Sponsor: full_name: Rep. Roe, David P. [R-TN-1]
Introduced: 2016-04-19
Policy area: Labor and Employment
Subjects: Administrative law and regulatory procedures

Congressional oversight

Department of Labor

Employee benefits and pensions

Financial services and investments
Latest action: action_date: 2016-06-22
text: Motion to refer the bill and accompanying veto message to the Committee on Education and the Workforce.  The Chair directed the Clerk to notify the Senate of the action of the House.

Summaries:
action_date: 2016-04-19
action_desc: Introduced in House
text: <p>This joint resolution disapproves and nullifies a Department of Labor rule published on April 8, 2016, relating to the definition of the term &quot;fiduciary&quot; and the conflict of interest rule with respect to retirement investment advice.</p> <p> (The rule defines who is a fiduciary with respect to pension and retirement plans. Under current law, a person who provides investment advice has a fiduciary obligation that requires the person to provide advice in the sole interest of plan participants and beneficiaries. The rule changes the definition of &quot;investment advice&quot; to treat people who provide investment advice to pension and retirement plans for a fee or other compensation as fiduciaries in a wider array of advice relationships.) </p>

action_date: 2016-04-26
action_desc: Reported to House without amendment, Part I
text: <p>(This measure has not been amended since it was introduced. The summary of that version is repeated here.)</p> <p>This joint resolution disapproves and nullifies a Department of Labor rule published on April 8, 2016, relating to the definition of the term &quot;fiduciary&quot; and the conflict of interest rule with respect to retirement investment advice.</p> <p> (The rule defines who is a fiduciary with respect to pension and retirement plans. Under current law, a person who provides investment advice has a fiduciary obligation that requires the person to provide advice in the sole interest of plan participants and beneficiaries. The rule changes the definition of &quot;investment advice&quot; to treat people who provide investment advice to pension and retirement plans for a fee or other compensation as fiduciaries in a wider array of advice relationships.) </p>

action_date: 2016-04-28
action_desc: Passed House without amendment
text: <p>(This measure has not been amended since it was introduced. The summary of that version is repeated here.)</p> <p>This joint resolution disapproves and nullifies a Department of Labor rule published on April 8, 2016, relating to the definition of the term &quot;fiduciary&quot; and the conflict of interest rule with respect to retirement investment advice.</p> <p> (The rule defines who is a fiduciary with respect to pension and retirement plans. Under current law, a person who provides investment advice has a fiduciary obligation that requires the person to provide advice in the sole interest of plan participants and beneficiaries. The rule changes the definition of &quot;investment advice&quot; to treat people who provide investment advice to pension and retirement plans for a fee or other compensation as fiduciaries in a wider array of advice relationships.) </p>

action_date: 2016-05-24
action_desc: Passed Senate without amendment
text: <p>(This measure has not been amended since it was introduced. The summary of that version is repeated here.)</p> <p>This joint resolution disapproves and nullifies a Department of Labor rule published on April 8, 2016, relating to the definition of the term &quot;fiduciary&quot; and the conflict of interest rule with respect to retirement investment advice.</p> <p> (The rule defines who is a fiduciary with respect to pension and retirement plans. Under current law, a person who provides investment advice has a fiduciary obligation that requires the person to provide advice in the sole interest of plan participants and beneficiaries. The rule changes the definition of &quot;investment advice&quot; to treat people who provide investment advice to pension and retirement plans for a fee or other compensation as fiduciaries in a wider array of advice relationships.) </p>

tv_txt: IB 114th CONGRESS 2d Session H. J. RES. 88 IN THE HOUSE OF REPRESENTATIVES JOINT RESOLUTION Disapproving the rule submitted by the Department of Labor relating to the definition of the term Fiduciary .

That Congress disapproves the rule submitted by the Department of Labor relating to Definition of the Term Fiduciary ; Conflict of Interest Rule—Retirement Investment Advice (published at 81 Fed. Reg. 20946 (April 8, 2016)), and such rule shall have no force or effect.

Passed the House of Representatives April 28, 2016. Karen L. Haas, Clerk.

tv_txt: IA 114th CONGRESS 2d Session H. J. RES. 88 IN THE HOUSE OF REPRESENTATIVES April 19, 2016 Mr. Roe of Tennessee (for himself, Mr. Boustany , and Mrs. Wagner ) introduced the following joint resolution; which was referred to the Committee on Education and the Workforce , and in addition to the Committee on Ways and Means , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned JOINT RESOLUTION Disapproving the rule submitted by the Department of Labor relating to the definition of the term Fiduciary .

That Congress disapproves the rule submitted by the Department of Labor relating to Definition of the Term Fiduciary ; Conflict of Interest Rule—Retirement Investment Advice (published at 81 Fed. Reg. 20946 (April 8, 2016)), and such rule shall have no force or effect.

tv_txt: IB Union Calendar No. 407 114th CONGRESS 2d Session H. J. RES. 88 [Report No. 114–527, Part I] IN THE HOUSE OF REPRESENTATIVES April 19, 2016 Mr. Roe of Tennessee (for himself, Mr. Boustany , and Mrs. Wagner ) introduced the following joint resolution; which was referred to the Committee on Education and the Workforce , and in addition to the Committee on Ways and Means , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned April 26, 2016 Additional sponsors: Mr. Jolly , Mr. Collins of New York , Mr. Guinta , Mr. Sessions , Mrs. Mimi Walters of California , Mr. Mullin , Mr. Wilson of South Carolina , Mr. Hill , Ms. Jenkins of Kansas , Mr. Byrne , Ms. Foxx , Mr. Rokita , Mr. Messer , Mr. Kline , Mrs. Black , Mr. Knight , Mr. Cramer , Mr. Latta , Mr. Smith of Texas , Mr. Loudermilk , Mr. Brat , Mr. Grothman , Mr. Guthrie , Mr. Carter of Georgia , Mr. Allen , Mr. MacArthur , Mr. Heck of Nevada , and Mr. Thompson of Pennsylvania April 26, 2016 Reported from the Committee on Education and the Workforce April 26, 2016 The Committee on Ways and Means discharged; committed to the Committee of the Whole House on the State of the Union and ordered to be printed JOINT RESOLUTION Disapproving the rule submitted by the Department of Labor relating to the definition of the term Fiduciary .

That Congress disapproves the rule submitted by the Department of Labor relating to Definition of the Term Fiduciary ; Conflict of Interest Rule—Retirement Investment Advice (published at 81 Fed. Reg. 20946 (April 8, 2016)), and such rule shall have no force or effect.

April 26, 2016 Reported from the Committee on Education and the Workforce April 26, 2016 The Committee on Ways and Means discharged; committed to the Committee of the Whole House on the State of the Union and ordered to be printed

tv_txt: IB One Hundred Fourteenth Congress of the United States of America At the Second Session Begun and held at the City of Washington on Monday, the fourth day of January, two thousand and sixteen H. J. RES. 88 JOINT RESOLUTION Disapproving the rule submitted by the Department of Labor relating to the definition of the term Fiduciary .

That Congress disapproves the rule submitted by the Department of Labor relating to Definition of the Term Fiduciary ; Conflict of Interest Rule—Retirement Investment Advice (published at 81 Fed. Reg. 20946 (April 8, 2016)), and such rule shall have no force or effect.

Speaker of the House of Representatives. Vice President of the United States and President of the Senate.

tv_txt: IIA Calendar No. 460 114th CONGRESS 2d Session H. J. RES. 88 IN THE SENATE OF THE UNITED STATES May 9, 2016 Received; read twice and placed on the calendar JOINT RESOLUTION Disapproving the rule submitted by the Department of Labor relating to the definition of the term Fiduciary .

That Congress disapproves the rule submitted by the Department of Labor relating to Definition of the Term Fiduciary ; Conflict of Interest Rule—Retirement Investment Advice (published at 81 Fed. Reg. 20946 (April 8, 2016)), and such rule shall have no force or effect.

Passed the House of Representatives April 28, 2016. Karen L. Haas, Clerk

May 9, 2016 Received; read twice and placed on the calendar