The bill that industry trade groups feared could stop the Securities and Exchange Commission and Department of Labor's fiduciary rules in their tracks is coming up for a Tuesday vote on the House floor — and at least one industry official expects it to pass.
The Retail Investor Protection Act, H.R. 2374, introduced by Rep. Ann Wagner, R-Mo., passed the House Financial Services Committee by a 44-13 vote in June and would require that the DOL wait to repropose its fiduciary rule until 60 days after the SEC issues its fiduciary proposal under Section 913 of Dodd-Frank.
Wagner's legislation may not die in the Senate, said the official, who asked for anonymity, "especially if it gets strong bi-partisan support in the House."
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
