401(k) Fiduciary Rule Encounters Republican Pushback in Congress

Congressional Republicans are joining mounting criticism against a controversial proposed regulation expanding the US Labor Department’s authority to regulate more retirement plan investment advice.

House Republicans Nov. 14 approved three DOL-funding policy riders that would prohibit the Employee Benefits Security Administration from finalizing, implementing, or enforcing the new Retirement Security rules package. The amendments (H.Amdts. 757, 758, and 759), which passed on a voice vote, are tacked onto an agency funding bill the GOP has primed for debate.

That bill (H.R. 5894), which is separate from the stop-gap funding measure President Joe Biden signed into ...