The House of Representatives approved yesterday a bill that would loosen regulations on fund companies so that they could provide advice to 401(k) participants. The bill, known as the Retirement Security Advice Act, was approved by a margin of 280-144.

The bill, widely supported by Republicans, attracted the support of 64 Democrats, according to supporters in the House. Rep. John Boehner (R-Ohio), who chairs the Committee on Education and the Workforce, where the legislation originated, introduced the bill earlier this year.

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