House Republicans move to block financial adviser rule

The GOP is mounting a challenge to the Obama administration’s financial adviser rule.

Senate and House Republicans are turning to the Congressional Review Act to target the Labor Department’s so-called fiduciary rule.

Rep. Phil Roe (R-Tenn.) introduced a motion of disapproval Tuesday that would overturn the controversial rule. This follows a disapproval measure filed by dozens of Senate Republicans on Monday.

The fiduciary rule will require retirement investment advisers to act in the best interest of their clients. Democrats say this will prevent conflicts of interest, but Republicans fear it will raise the cost of investment advice and make it unaffordable for low-income retirees.

“Too many families are struggling to save for retirement,” Roe said in a statement. “That’s why it’s crucial Americans have access to the retirement advice they need to make the best decisions for the future.” 

The House disapproval measure is also sponsored by Reps. Charles Boustany (R-La.) and Ann Wagner (R-Mo.).

Congress has 60 days from the time the fiduciary rule was finalized on April 8 to pass the disapproval measure.

Republicans can pass the disapproval measure with a simple majority but do not have the two-thirds majority necessary to overcome a presidential veto.