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Rejection of Changes to Retirement Financial Advice Rules

The U.S. Congress proposes to disapprove a new Department of Labor rule that modified financial advice regulations for retirement plans. If this proposal passes, the original financial advice rules will remain in effect, potentially impacting how advisors offer services related to retirement savings.
Key points
This proposal aims to nullify changes made by the Department of Labor to financial advice rules for retirement plans.
If approved, the rules for retirement financial advice will revert to their state before the proposed amendment.
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Expired
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Additional Information
Print number: 118_HJRES_141
Sponsor: Rep. Allen, Rick W. [R-GA-12]
Process start date: 2024-05-15
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Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Labor relating to "Amendment to Prohibited Transaction Exemption 84-24".

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HJRES_141.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-05-15.

What are the main provisions?

Key points include:

  • This proposal aims to nullify changes made by the Department of Labor to financial advice rules for retirement plans.
  • If approved, the rules for retirement financial advice will revert to their state before the proposed amendment.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Allen, Rick W. [R-GA-12].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Education and the Workforce.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Labor Economy