Calls Quickly Grow to Kill 401k Fiduciary Fiat

Despite election victory, Republicans face hurdles

More Republicans lining up to cancel 401k fiduciary rule.More Republicans lining up to cancel 401k fiduciary rule.

Momentum is heading in one direction, but whether it will be enough is yet to be seen.

Rep. Jeb Hensarling joined Rep. Ann Wagner, R., Mo.,last week as the highest profile members of the House to date to confirm that Republicans will target the DOL 401k fiduciary rule.

Hensarling, the House Financial Services Committee chairman and Texas Republican said Wednesday that talks were being held with Trump “about uprooting a Labor Department rule regulating how brokers sell retirement investments,” according to The Wall Street Journal.

However, the paper added that despite the Republicans’ election victory that will keep both chambers of Congress under GOP control, “the party’s path to legislating still faces the hurdle of a Democratic filibuster, among other factors.”

Hensarling, who is under consideration to become Treasury secretary in the Trump administration, noted that both rules were cleared by agencies, not Congress.

“These are just two examples of rules promulgated by the unelected and the unaccountable,” Hensarling told the Exchequer Club in Washington. “These are just two rules that hurt struggling citizens. And these are two examples of rules the House Financial Services Committee, working with a President Trump, hopes to reverse.”

“I am confident that our Republican-led Congress and President Trump will work together to end this egregious rule,” Wagner said Monday.

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