Companion legislation crafted as an alternative to the Department of Labor’s proposed fiduciary rule passed a U.S House of Representatives Education and Workforce Committee hearing on a party-line vote.

The Affordable Retirement Advice Protection Act, introduced by Rep. Phil Roe, R-Tennessee, and the Strengthening Access to Valuable Education and Retirement Support Act, introduced by Rep. Peter Roskam, R-Illinois, survived the mark-up hearing with 22 Republican votes, and 14 Democratic dissenters.

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