Ways & Means Greenlights Advice Bill

November 7, 2001(PLANSPONSOR.com) - The Ways & Means Committee approved the Retirement Security Advice Act authored by Education & the Workforce Chairman John Boehner (R-Ohio), by a vote of 25-15, largely along party lines.

The Education & the Workforce Committee approved the bill on October 3 (see Modified Boehner Bill Heads for the House, and it is now headed to the House of Representatives for consideration.

In a statement, Boehner commented that the vote showed “significant bipartisan momentum for giving workers access to high quality investment advice,” and called the bill “a common sense way to encourage employers to provide investment advice as a benefit to their workers.”

Two Democrats, Representatives John Tanner (D – Tennessee) and Richard Neal (D – Massachusetts, voted for the bill. Others, including Reps. Earl Pomeroy (D-ND) and Benjamin Cardin (D-MD), expressed support for making investment advice more available, but indicated they would like to make minor changes before floor consideration.

Passage by the Ways & Means Committee follows the endorsement of the bill yesterday by Commerce Secretary Donald Evans and Treasury Secretary Paul O?Neill (see Advice Bill Gains Treasury, Commerce Support


– Camilla Klein editors@plansponsor.com