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House passes measure to stop enforcement of DOL's fiduciary rule

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House passes measure to stop enforcement of DOL's fiduciary rule

The U.S. House of Representatives on April 28 approved abill aimed at stopping the enforcement of the Department of Labor's finalfiduciary standard rule.

The bill was sponsored by Rep. Phil Roe, R-Tenn., who, accordingto Business Insurance, said the rulewould be disastrous for workers, retirees and small businesses. The fiduciarystandard rule would require retirement advisers to act in the best interests ofthe clients and imposes civil penalties for failing to do so.

The bill now moves to the Senate. President Obama isexpected to veto the measure if it gets the Senate's approval, according tomultiple media reports.