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Bill to kill SEC, DOL fiduciary rules heads for house vote

Retail Investor Protection Act will come up for a vote on Tuesday, and is likely to pass.

By Melanie Waddell | Updated on October 28, 2013
(AP file photo)

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.

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