Fiduciary Duty Rules Would Be Delayed Under House Panel’s Bill
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U.S. efforts to boost financial advisers’ accountabilty to retirement-plan participants would be slowed under a measure advanced by House lawmakers today as part of a package of revisions to the Dodd-Frank Act.
The House Financial Services Committee approved four bills, including one that would make a Labor Department rule enhancing the fiduciary duty of advisers to plans such as 401(k)s or IRAs contingent on the issuance of an overlapping rule by the Securities and Exchange Commission.