WASHINGTON -- A measure that would put the brakes on the Department of Labor's proposal to establish a fiduciary standard for advisors to retirement plans was approved by the U.S. House of Representatives in a largely party-line vote on Tuesday.
The Retail Investor Protection Act sailed through on a 254-166 vote after a brief floor debate. The measure now now heads to the Senate, where members of both parties have expressed concern about the Labor Department's plan, though momentum has not built behind any legislative proposal.
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