House panel OKs bill restricting DOL fiduciary standard

A bill to limit the Department of Labor's power to adopt a fiduciary standard for financial advisers and brokers has been approved by the House Financial Services Committee. The measure would bar the Labor Department from proposing a broader definition of "fiduciary" until 60 days after the Securities and Exchange Commission proposes a fiduciary rule governing advice given to retail investors. A number of organizations, including the Financial Planning Association, protest that the measure will harm consumers.

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