Lawmakers have initiated a process using the Congressional Review Act to potentially overturn federal regulations regarding what is commonly called the fiduciary rule. The Department of Labor (DOL) faces a lawsuit from insurance companies and industry groups, questioning the agency’s regulatory reach. With the uncertainty surrounding whether the DOL or Congress should define fiduciary advice, the DOL has been revising these regulations since 2010, with previous versions being challenged or replaced. Bonnie Treichel, Chief Solutions Officer at Endeavor Retirement explains, “If you read the preamble to this 2024 version of the rule, the DOL goes to great lengths to try to explain (1) how they didn’t go beyond their authority, (2) how Congress did give them this authority over IRAs, and (3) how different this 2024 rule is from 2016. That being said, Congress could still pass a joint resolution during a specified time period overturning the rule. That would still have to be signed by the president (not going to happen with Biden), but that could be overridden by Congress even still.” To learn more, click here to read Battle Lines Draw Over DOL’s Fiduciary Rule.