Some members of Congress are trying to find a better alternative to protect retirement savers than the Department of Labor’s fiduciary proposal. They are drafting their own proposal that would establish rules for advisers working with savers and plans, such as the requirement to act in clients’ best interests, without the regulatory burdens and litigation risks that critics see in the DOL plan.
At a hearing on Wednesday, Rep. Phil Roe (R-Tenn.), said that the bipartisan proposal seeks “to develop a legislative solution that will accomplish what the Department of Labor has failed to do.”
