House OKs Bill That Could Kill Fiduciary Rule

The Republican-led House has backed legislation that would kill the Department of Labor fiduciary rule. The House passed the Financial CHOICE Act that includes provisions that would undo much of the Dodd-Frank Act and would not allow the DOL to push fiduciary regulations forward until the Securities and Exchange Commission proposes its own rule.

The House has passed the bill 233-186.

The Republican overhaul of Dodd-Frank is unlikely to pass the Senate in its current form. Senators have said they'll spend the next few months trying to find common ground on legislation to boost the economy.

Democratic lawmakers overwhelmingly oppose the GOP's repeal bill. They say it could lead to conditions that would result in another economic crisis.

Susan Rupe is editor in chief, magazine, for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at susan.rupe@innfeedback.com.