HR 355 115th Congress House Labor and Employment Administrative law and regulatory procedures Congressional oversight Department of Labor Employee benefits and pensions Financial services and investments

Protecting American Families' Retirement Advice Act

Introduced: January 6, 2017 Introduced by: Wilson, Joe Republican · South Carolina See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jan 6, 2017

Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Jan 6, 2017

Introduced in House

Plain-English summary Congressional Research Service

Protecting American Families' Retirement Advice Act

This bill delays for two years the effective date of the Department of Labor rule published on April 8, 2016, relating to the definition of the term "fiduciary" and the conflict of interest rule with respect to retirement investment advice.

(The rule defines who is a fiduciary with respect to pension and retirement plans. Under current law, a person who provides investment advice has a fiduciary obligation that requires the person to provide advice in the sole interest of plan participants and beneficiaries. The rule changes the definition of "investment advice" to treat people who provide investment advice to pension and retirement plans for a fee or other compensation as fiduciaries in a wider array of advice relationships.)

What's happening now January 6, 2017

Committees of jurisdiction 2