The Protecting American Families Retirement Advice Act – a bill to delay the effective date of the new DOL Fiduciary Rule – was introduced in the U.S. House of Representatives on January 6, 2017. The Fiduciary Rule is a sweeping expansion on the definition of “fiduciary” observed by the DOL which is sure to affect a broad range of financial advisors and other retirement and benefit plan service providers.
There is a high likelihood the bill will pass given the Republican-held majority in both houses, and there is an even greater likelihood that that there would be no veto by the incoming administration. If signed into law, the bill would delay the effective date of the new Rule by two years from the date of enactment, which will serve as plenty of breathing room for Republican lawmakers to effectively defeat its total implementation.
According to his website, Rep. Joe Wilson (R-SC), the House representative who introduced the bill, “[t]his legislation will delay the implementation of this job-destroying rule, giving Congress and President-elect Donald Trump adequate time to re-evaluate this harmful regulation.”
Click here to view the bill.