House Lawmakers Continue Oversight of DOL’s Fiduciary Rule
On Wednesday, December 2, the House Education and the Workforce Committee will hold a hearing titled “Principles for Ensuring Retirement Advice Serves the Best Interests of Working Families and Retirees.” This hearing comes on the heels of House lawmakers having recently adopted a proposal by Representative Ann Wagner (R-MO), which would delay the Department of Labor’s (DOL) Fiduciary Rule proposal until at least 60 days following a final rule by the Securities and Exchange Commission (SEC). While DOL plans to proceed as scheduled with its proposal (which is expected in the first half of 2016), the SEC has yet to indicate a precise timeline for its version of the rule.
This Week’s Hearings:
- Thursday, December 3: The Joint Economic Committee will hold a hearing titled “The Economic Outlook.”
Federal Reserve to Hold Meeting on Emergency Lending Authority, Financial Regulators Host Final EGRPRA Outreach Session
On Monday, November 30, the Board of Governors of the Federal Reserve will hold an open meeting to discuss the implementation of the Dodd-Frank Wall Street Reform and Consumer Protect Act amendments to the emergency lending authority under Section 13(3) of the Federal Reserve Act.
Additionally, on Wednesday, December 2, financial regulators will participate in the final Economic Growth and Regulatory Paperwork Reduction Act outreach session of this second review. The purpose of this review is to identify outdated, unnecessary, or unduly burdensome regulations and consider how to reduce regulatory burden on insured depository institutions while, at the same time, ensuring their safety and soundness and the safety and soundness of the financial system.