Skip to content
The DI Wire
Click Here to Subscribe to Our Free Daily News Updates

U.S. House to Hold Second Hearing on DOL’s New Proposed Fiduciary Rule

U.S. House to Hold Second Hearing on DOL’s New Proposed Fiduciary Rule. Fiduciary rule, retirement security rule, broker-dealers, department of labor, DOL, independent contractor, registered investment adviser, RIA, investment advice rule, Biden

The U.S. House of Representatives will hold its second hearing of the year to examine the Department of Labor’s proposed investment advice rule.

On Feb. 15, 10:15 am Eastern Time/7:15 am Pacific Time, the Subcommittee on Health, Employment, Labor, and Pensions, chaired by Rep. Bob Good (R-VA), will hear: “Protecting American Savers and Retirees from DOL’s Regulatory Overreach.”

For those attending in person, the hearing will be at 2175 Rayburn House Office Building. The hearing is open to the press and will be livestreamed at the Committee’s YouTube page.

Rep. Good will deliver an opening statement, and the following witnesses will testify:

  • Jason Berkowitz, chief legal and regulatory affairs officer, Insured Retirement Institute
  • Joseph C. Peiffer, president, Public Investors Advocate Bar Association
  • Hon. Doug Ommen, insurance commissioner, Iowa Insurance Division
  • Tom Roberts, principal, Groom Law Group

“DOL’s proposed fiduciary rule – better labeled as the ‘Retirement Insecurity Rule’ – is just another example of the Biden administration’s reckless overreach that will have devastating impacts on Americans’ retirement savings,” said Chairman Good. “This rule will eliminate options for working-class Americans, reduce their ability to retire, and limit their access to financial advice. Republicans will use this hearing to advocate on behalf of American savers and retirees and expose the regulatory burden and confusion created by Biden’s radical DOL.”

The first hearing was held on Jan. 10.

The DI Wire previously reported on the bipartisan letter from 50 members of the House that preceded the first hearing and expressed concerns with the proposed rule, commonly referred to as the fiduciary rule, announced by President Biden in October 2023 and published in the Federal Register on Nov. 3, 2023. The House members stated the proposal, which was previously referred to as the “Conflicts of Interest in Investment Advice,” includes unnecessary and counterproductive changes to the existing regulatory framework governing the conduct of financial professionals who provide personalized investment advice to retirement savers.

Click here to visit The DI Wire directory page.