Republicans scored a victory yesterday that means the fate of the fiduciary rule might finally be sealed. The CHOICE Act—the repeal of Dodd-Frank planned for a vote in the House—contains a provision that overturns the fiduciary rule. That aspect of the rule was challenged by a House Democrat, but yesterday Republicans succeeded in maintaining it by a committee vote of 34-26 along party lines, meaning the House will vote on the Act with the clause eliminating the fiduciary rule intact. This final version of the CHOICE Act also contains substantial changes to the SEC’s mandate.
FINSUM: This is major news. It will be the first time a measure to get rid of the fiduciary rule has actually made it to Congress. Republican support for Act looks strong, so it appears likely to make it through.
Source: Investment News