Senate Joins House in Effort to Defund Fiduciary Rule

A committee approved an appropriations bill that would restrict the Department of Labor in its fiduciary rule efforts.

A Senate appropriations subcommittee approved the FY2016 Labor, Health and Human Services, and Education and Related Agencies (Labor-HHS) Appropriations Bill.

The committee said its recommendations include several provisions to restrain regulatory overreach by the administration, including the fiduciary rule at the Department of Labor.

Last week, the House Appropriations Committee released a draft fiscal year 2016 funding bill. In a section called “Reducing Harmful Red Tape,” the committee said the “legislation includes several provisions designed to help U.S. businesses create jobs and grow the economy by reducing or eliminating overly burdensome government regulations,” including a provision “prohibiting regulatory changes to the definition of the term ‘Fiduciary.’”

More information about the Senate bill is here.