Before the new regulations are even formally published, Congressman George Miller (D-California), the chairman of the House Education and Labor Committee, and Congressman Rob Andrews (D-New Jersey) in a statement here have indicated that they will use every tool at their disposal to block their implementation. The regulations being referred to in the statement are the final regulations issued in connection with the Pension Protection Act’s prohibited transaction exemption for investment advice provided to participants. (Proposed regulations are here. Comments to the proposed regulations are here.)
Plan Adviser reports on the controversy: Miller, Andrews Threaten to Block Advice Regulation