The House Committee on Education and the Workforce “has strong reservations” about the Department of Labor’s efforts to require retirement advisers to follow a fiduciary standard, saying it could reduce access to retirement savings options and conflicts with the Dodd-Frank Act.

The DOL on Feb. 23 forwarded its new fiduciary rule proposal to the Office of Management and Budget for review. President Barack Obama threw his support behind the proposal, saying in a White House Fact Sheet it would “require retirement advisers to put their clients’ best interest before their own profits.”

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