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Key Vote 114th Congress > Senate > Vote 423
Clerk session vote number: 84
Description: A joint resolution disapproving the rule submitted by the Department of Labor relating to the definition of the term "Fiduciary".
Bill summary: (This measure has not been amended since it was introduced. The summary of that version is repeated here.)
This joint resolution disapproves and nullifies a Department of Labor rule published on April 8, 2016, relating to the definition of the term "fiduciary" and the conflict of interest rule with respect to retirement investment advice.
(The rule defines who is a fiduciary with respect to pension and retirement plans. Under current law, a person who provides investment advice has a fiduciary
obligation that requires the person to provide advice in the sole interest of plan participants and beneficiaries. The rule changes the definition of "investment advice" to treat people who provide investment advice to pension and retirement plans for a fee or other compensation as fiduciaries in a wider array of advice relationships.)
Bill titles: Disapproving the rule submitted by the Department of Labor relating to the definition of the term "Fiduciary".
Links for more info on the vote: congress.gov