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Congressional Disapproval of Retirement Investment Advice Fiduciary Rule

This Congressional resolution rejects a new definition of an investment advice fiduciary that would have impacted retirement plans. This means the rules for who is considered a financial advisor for retirement matters remain unchanged, potentially affecting how citizens receive advice on their future savings.
Key points
Congress disapproves the Department of Labor's new definition of an investment advice fiduciary for retirement plans.
The existing rules for retirement financial advice remain in effect, impacting how citizens receive guidance on their savings.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HJRES_142
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 "Retirement Security Rule: Definition of an Investment Advice Fiduciary".

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HJRES_142.

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:

  • Congress disapproves the Department of Labor's new definition of an investment advice fiduciary for retirement plans.
  • The existing rules for retirement financial advice remain in effect, impacting how citizens receive guidance on their savings.
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: Placed on the Union Calendar, Calendar No. 716.

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