The House Financial Services Committee passed alternative legislation that would govern retirement investing Wednesday, but the vote fell short of bipartisanship. The bill, called the Retail Investor Protection Act (RIPA), is sponsored by Rep. Ann Wagner, R-Mo.
Seen as an alternative to the Department of Labor’s fiduciary only rule, the Retail Investor Protection Act passed by a 34-25 vote along party lines. Only Rep. David Scott, R-Ga., voted with Republicans, a surprise given the growing criticism of the DOL proposal from Democrats.
Several Democrats who voted with Wagner when she first introduced the RIPA in 2013 changed their votes this time. Ninety-six House Democrats recently signed a letter asking DOL Secretary Thomas Perez to make significant changes to the rule.