Republican Hurt: Congress Could Use Funding Clout to Derail Fiduciary Rule Plan
In a wide-ranging interview on financial policy issues, Jim Allen, CFA, head of capital markets policy for the Americas at CFA Institute, and US Rep. Robert Hurt (R–VA), vice chair of the House Capital Markets and Government Sponsored Enterprises Subcommittee, discuss Dodd-Frank — whether a Republican-controlled White House and Congress would scrap the comprehensive but complicated set of financial reforms and whether it ended “Too Big to Fail.”
Hurt also offered his perspective on the Labor Department’s controversial fiduciary rule proposal to raise investment advice standards for retirement accounts; the House has since approved a bill blocking the rule, prohibiting the Labor Department from moving forward with its plan until the Securities and Exchange Commission takes action. If that bill isn’t signed into law, Hurt predicted Congress would use the appropriations process to curb the Labor Department proposal, adding that the newly elected president in 2016 may also play a role: “Whovever the next president is, will they have a different view [of the issue]?”
Earlier that day, Hurt spoke at a “District Dialog” event sponsored by CFA Institute, attended by CFA Institute members and representatives from the local investment profession and the University of Virginia Darden School of Business and Law School.
If you liked this post, consider subscribing to Market Integrity Insights.
Image credit: Monica Pedynkowski