Today, the U.S. Senate voted to pass S.J. Resolution 33, which would rescind the Department of Labor’s recently finalized fiduciary rule.
The resolution passed by a 56 to 41 margin, with three Democrats -- Sens. Donnelly, IN, Heitkamp, ND, and Tester, MT -- joining Republicans in support of blocking the DOL’s implementation of the rule, which will begin to phase in April of 2017.
The U.S. House of Representatives passed a similar resolution along party lines in April, just weeks after the rule was finalized.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
