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H. Rept. 115-371,Part 1 1 (2017-10-25)

handle is hein.congrecreports/crptxaipl0001 and id is 1 raw text is: AUTHENTICATED r U.S. GOVERNMENT INFORMATION 4 115TH CONGRESS REPT.115-371 1st Session j HOUSE OF REPRESENTATIVES Part 1 AFFORDABLE RETIREMENT ADVICE FOR SAVERS ACT OCTOBER 25, 2017.-Ordered to be printed Ms. Foxx, from the Committee on Education and the Workforce, submitted the following REPORT together with MINORITY VIEWS [To accompany H.R. 2823] [Including cost estimate of the Congressional Budget Office] The Committee on Education and the Workforce, to whom was referred the bill (H.R. 2823) to amend the Employee Retirement In- come Security Act of 1974 and the Internal Revenue Code of 1986 to ensure that retirement investors receive advice in their best in- terests, and for other purposes, having considered the same, report favorably thereon with an amendment and recommend that the bill as amended do pass. The amendment is as follows: Strike all after the enacting clause and insert the following: SECTION 1. SHORT TITLE. This Act may be cited as the Affordable Retirement Advice for Savers Act. SEC. 2. REPEAL OF FIDUCIARY DEFINITION RULEMAKING. (a) IN GENERAL.-The Fiduciary Definition rulemaking described in subsection (b) is repealed and shall have no force or effect, and the regulations and prohibited transaction exemptions amended or repealed by such rulemaking are restored or re- vived as if such rulemaking had not been issued. (b) FIDUCIARY DEFINITION RULEMAKING.-The Fiduciary Definition rulemaking de- scribed in this subsection consists of the following: (1) The final rule of the Department of Labor titled Definition of the Term 'Fiduciary'; Conflict of Interest Rule-Retirement Investment Advice published April 8, 2016 (81 Fed. Reg. 20946). (2) The Best Interest Contract Exemption published April 8, 2016 (81 Fed. Reg. 21002), and the technical correction published July 11, 2016 (81 Fed. Reg. 44773). (3) The Class Exemption for Principal Transactions in Certain Assets Be- tween Investment Advice Fiduciaries and Employee Benefit Plans and IRAs 79-006