A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Labor relating to the definition of the term "fiduciary" and the conflict of interest rule with respect to retirement investment advice.

Bill: 114-sjres-33
Sponsor: full_name: Sen. Isakson, Johnny [R-GA]
Introduced: 2016-04-18
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: 2016-04-18
text: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Summaries:
action_date: 2016-04-18
action_desc: Introduced in Senate
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>

tv_txt: IIA 114th CONGRESS 2d Session S. J. RES. 33 IN THE SENATE OF THE UNITED STATES April 18, 2016 Mr. Isakson (for himself, Mr. Alexander , Mr. Enzi , Ms. Ayotte , Mr. Barrasso , Mr. Blunt , Mr. Boozman , Mrs. Capito , Mr. Cassidy , Mr. Coats , Mr. Cochran , Mr. Crapo , Mr. Daines , Mrs. Ernst , Mrs. Fischer , Mr. Hatch , Mr. Inhofe , Mr. Johnson , Mr. Kirk , Mr. Lankford , Mr. Lee , Mr. McConnell , Mr. Moran , Ms. Murkowski , Mr. Paul , Mr. Perdue , Mr. Roberts , Mr. Rubio , Mr. Thune , Mr. Tillis , Mr. Vitter , Mr. Wicker , Mr. Scott , and Mr. Sasse ) introduced the following joint resolution; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions JOINT RESOLUTION Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Labor relating to the definition of the term fiduciary and the conflict of interest rule with respect to retirement investment advice.

That Congress disapproves the rule submitted by the Department of Labor relating to the definition of the term fiduciary and the conflict of interest rule with respect to retirement investment advice (published at 81 Fed. Reg. 20946 (April 8, 2016)), and such rule shall have no force or effect.