The House Ways and Means Committee today approved a bill that seeks to make it easier for companies to offer investment advice to 401(k) participants.

The bill, known as the Retirement Security Advice Act, was approved by the committee in a 25-15 vote. Two Democrats, John Tanner of Tennessee and Richard Newal of Massachusetts, voted in favor of the bill. A statement released by the bill’s supporters said that other Democrats, including Earl Pomeroy of North Dakota and Benjamin Cardin of Maryland, said they favored the bill in principle, but wanted to revise it before it reached the full House.

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