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Excerpt from thehill.com
Sen. Joe Manchin (D-W.Va.) and a group of Republican senators are moving to overturn a new retirement investment planning rule that was finalized by the Labor Department last month.
The Labor Department unveiled a new rule last month that would update the definition of an investment advice fiduciary under the Employee Retirement Income Security Act if enacted. Manchin and 15 Republican senators joined in co-sponsoring a Congressional Review Act (CRA) resolution that would overturn this new rule.
Manchin argued that the rule, if enacted, would cause people to “lose access to investment advice due to how broadly the rule defines fiduciary.”
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