If Congress voted to not allow the DOL to finalize its rule, then the two new proposed laws would be enacted.

The Savers Act would amend the internal revenue code and the ARAP Act would amend the Employee Retirement Income Security Act.

Both legislative proposals would raise the bar for all investment advisors, assuring they act in clients’ best interests, and penalize those that don’t.

Each also allows advisors to sell proprietary products, so long as that was disclosed to clients.

Advisors would have to disclose that “the same or similar investments may be available at a different cots (greater or lesser) from other sources,” according to language in both pieces of proposed legislation.

The new proposed laws are the result of seven fiduciary principles introduced during the run up to the omnibus spending bill.

Rep. Peter Roskam, R-Illinois, Rep. Phil Roe, R-Tennessee, Rep. Richard Neal, D-Massachusetts, and Rep. John Larson, D-Connecticut, all sponsors of the laws, issued a joint statement suggesting the two laws are necessary to preserve low and middle-income Americans’ access to retirement advice.

News of the legislative effort prompted statements of support from industry stakeholders.

Cathy Weatherford, CEO and president of the Insured Retirement Institute, said:

“Matters involving the retirement security of millions of Americans are far too important for Congress to remain on the sidelines. We support a best interest standard of care for financial professionals when recommending investment products, but remain concerned that the DOL’s proposal will restrict and limit access to retirement planning advice and result in fewer choices for retirement savers.”

Tim Pawlenty, CEO and president of the Financial Services Roundtable, said: “FSR supports a best interest standard for advice provided to clients, and we look forward to working with Congress to ensure their legislation achieves the right balance to both protect savers from bad actors while preserving their access to financial help.”

And Dale Brown, CEO and president of the Financial Services Institute, said: “We are pleased that a bipartisan effort is being made to help Congress fulfill not only its right but its duty to protect retirement savers. At a time when the possibility of a dignified retirement seems out of reach for so many hard-working Americans, this legislation is critical, and we urge Congress to act on it quickly. For years, a large, bipartisan swath of Congress has showed great concern with the impact the Department of Labor’s fiduciary rule will have on small and mid-sized investors. We are hopeful the Department will take Congress’ deep concerns seriously and fix this rule before it’s finalized and retirement savers are irreparably harmed.”