Biden’s 401(k) Advice Proposal Finds Few Friends on Capitol Hill

Support for the US Labor Department’s fiduciary retirement advice proposal appears dwindling as critics are appealing to Congress to step in and halt the rulemaking process before it’s even finalized.

Nearly all the witnesses who testified at a House Financial Services subcommittee hearing Wednesday urged lawmakers to pass agency funding legislation with specific carve-outs that would prevent regulators from enacting or enforcing the disputed proposed rule.

The hearing marks an escalation in the bipartisan pressure against the proposal that the Biden administration has faced since DOL rolled it out in early November. If finalized, the rule would obstruct deep-pocketed financial ...