House Panel Passes Bill to Repeal DOL Fiduciary Rule
WHAT HAPPENED?
On October 12, 2017, the House Financial Services Committee passed the Protecting Advice for Small Savers Act of 2017 (the “PASS Act”), which would repeal the DOL’s Fiduciary Rule. This bill would keep fiduciary rulemaking under the SEC’s jurisdiction. Furthermore, SEC Chairman Jay Clayton has indicated that the agency is developing its own fiduciary rule that will incorporate many of the ideas included in the PASS Act. As always, Fairview will continue to provide updates as new information is made available.
