Biden 401(k) Advice Rule Repeal Effort Begins in Congress (2)

Federal lawmakers have introduced a resolution under the Congressional Review Act to overturn a new Labor Department rule that expands the definition of a fiduciary to cover more advice providers.

Sens. Ted Budd (R-N.C.), Bill Cassidy (R-La.), Joe Manchin (D-W.V.), and Roger Marshall (R-Kan.) sponsored the resolution unveiled Wednesday, alongside a dozen other Republican senators. Rep. Rick Allen (R-Ga.) is leading and Rep. Virginia Foxx (R-N.C.) is supporting a companion effort in the House.

“The Biden administration’s latest executive overreach would make it harder for working families to invest and prepare for their financial future,” Budd said in a statement. ...