GOP Lawmaker Raises Stakes With Threat to Block 401(k) Rule (1)

A Republican lawmaker has said he plans to invoke a congressional review measure with the power to overturn the US Labor Department’s fiduciary retirement advice proposal once it’s been finalized, increasing pressure the Biden administration faces over the rule’s timing.

Rep. Rick Allen (R-Ga.) told his colleagues on the House Education and Workforce Subcommittee on Health, Employment, Labor, and Pensions at a Thursday hearing that he intends to introduce a joint resolution of disapproval under the Congressional Review Act (Pub. L. No. 104-121) once the rule has been submitted to Congress in its final form.

The proposal issued ...