A bill was introduced Friday to delay the fiduciary rule that would force new standards on anyone offering investment advice on retirement accounts.
The bill, by Representative Joe Wilson, a Republican from South Carolina, would delay for two years the effective date. In a press release, Wilson said the bill would give Congress and President-elect Donald Trump more time to reevaluate it.
The two-page legislation is backed by powerful financial bodies, including the American Council of Life Insurers, the Financial Services Roundtable and the Securities Industry and Financial Markets Association.
Financial groups have pushed back at the law, which is set to be implemented in April.
The Obama White House says savers receiving commission-based advice earn returns that are roughly 1 percentage point lower each year, adding up to a loss of $17 billion a year. The incoming Trump administration opposes the rule.