Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Labor relating to "Retirement Security Rule: Definition of an Investment Advice Fiduciary".
Latest Action
Placed on the Union Calendar, Calendar No. 716.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™House Joint Resolution 142 (HJRES 142) from the 118th Congress is a legislative measure proposing congressional disapproval of a Department of Labor rule titled "Retirement Security Rule: Definition of an Investment Advice Fiduciary." The resolution seeks to nullify the rule under the authority of chapter 8 of title 5, United States Code, which governs congressional review of federal regulations. The rule in question pertains to the definition of who qualifies as an investment advice fiduciary under retirement security regulations. The bill was introduced in the House, placed on the Union Calendar, but ultimately failed or expired without enactment. No full text or official summary is available for detailed content analysis.
HJRES 142 aimed to reject a Department of Labor rule redefining investment advice fiduciaries related to retirement security but did not pass and expired.
- The bill is a joint resolution disapproving a Department of Labor rule under the Congressional Review Act.
- The rule targeted by the resolution concerns the definition of an investment advice fiduciary in the context of retirement security.
- The resolution was placed on the Union Calendar but failed or expired without becoming law.
['Department of Labor (if the rule had been disapproved, it would affect their regulatory authority)', 'Financial advisors and firms subject to the fiduciary definition', 'Retirement plan participants potentially impacted by fiduciary standards']
['Lack of detailed bill text and official summary limits understanding of specific regulatory changes targeted.', 'The disapproval of a rule under the Congressional Review Act can affect regulatory certainty for financial and retirement sectors.', 'Potential tradeoffs between investor protections and regulatory burdens on financial advisors.']
This resolution was introduced in the House during the 118th Congress as part of the congressional review process allowing Congress to reject recent federal regulations. The Department of Labor's rule on investment advice fiduciaries relates to ongoing debates about the scope of fiduciary duties in retirement investment advice. The bill did not advance to enactment, indicating limited legislative support or priority.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['If enacted, disapproval could have led to changes in fiduciary standards affecting retirement investment advice, potentially impacting investor protections and financial industry practices.', "Failure to pass maintains the status quo, preserving the Department of Labor's regulatory definition and its associated compliance requirements."]
The absence of an official summary and full bill text limits transparency and public oversight. The bill's status as failed or expired indicates it did not become law, but its placement on the Union Calendar shows it reached a procedural stage. Monitoring such resolutions is important to understand congressional checks on federal regulatory actions, especially in finance and retirement security.
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