The House Financial Services Committee on Wednesday approved a slew of bills that would slow the pace of regulatory proceedings to expand advisors' fiduciary responsibilities and relax registration requirements, among other measures.

For advisors, the most consequential bill the panel sent to the full House of Representatives was the Retail Investor Protection Act, authored by Rep. Ann Wagner (R-Mo.), which would delay the Department of Labor's efforts to expand the definition of a fiduciary under federal retirement law to include advisors to 401(k)s and other plans. The legislation would mandate that the Labor Department wait to issue its rules at least 60 days following the conclusion of a separate rulemaking proceeding underway at the Securities and Exchange Commission that could see an expansion of advisors' fiduciary responsibilities to include broker-dealers providing investment advice to retail investors.

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