Protecting American Families' Retirement Advice Act

Bill: 115-hr-355
Sponsor: full_name: Rep. Wilson, Joe [R-SC-2]
Introduced: 2017-01-06
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: 2017-01-06
text: 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.

Summaries:
action_date: 2017-01-06
action_desc: Introduced in House
text: <p><b>Protecting American Families' Retirement Advice Act </b></p> <p>This bill delays for two years the effective date of the 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: I 115th CONGRESS 1st Session H. R. 355 IN THE HOUSE OF REPRESENTATIVES January 6, 2017 Mr. Wilson of South Carolina introduced the following bill; 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 A BILL To provide for a 2-year delay in the effective date of a rule of the Department of Labor relating to the Definition of the Term Fiduciary ; Conflict of Interest Rule-Retirement Investment Advice .

1. Short title This Act may be cited as the Protecting American Families’ Retirement Advice Act . 2. Effective date of rule Notwithstanding the effective date set forth in the rule submitted by the Department of Labor relating the Definition of the Term Fiduciary ; Conflict of Interest Rule-Retirement Investment Advice (published at 81 Fed. Reg. 20946 (April 8, 2016)), such rule shall not take effect until the date that is 2 years after the date of enactment of this Act.