401(k) Advice Proposal Elicits More Lawmaker Calls to Withdraw

The US Labor Department is getting more pressure from Congress to abandon its proposed retirement security rule that would apply tough fiduciary standards of conduct to more Wall Street firms.

Five Democrats and 45 Republicans in the House signed onto a Monday letter to the DOL urging regulators to withdraw the Retirement Security Rule proposal because of the “significant, unnecessary, and counterproductive changes” it would have on the framework for personalized investment advice.

The bipartisan pressure puts the Biden administration on uncertain footing as it rushes to finish the fiduciary rulemaking project well ahead of November’s general election. The proposal ...