On Feb. 4, Sen. Roy Blunt (R-Mo.) introduced the Retail Investor Protection Act, companion legislation to Rep. Ann Wagner's bill, to stop the Department of Labor from moving forward on its rule to change the definition of fiduciary on retirement advice.
The bill was co-sponsored by Sens. Mike Crapo (R-Idaho), Steve Daines (R-Mont.), Johnny Isakson (R-Ga.), Mark Kirk (R-Ill.) and Shelley Moore Capito (R-W.Va.).
The DOL's "proposed regulation on retirement account investments will increase costs, reduce access to advice and services, limit options and lead to lower retirement savings for millions of Americans," Blunt said in introducing the bill.
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2023. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
