House Formally Disapproves Fiduciary Regulation

The U.S. House of Representatives adopted a resolution April 28 disapproving of the Labor Department’s final fiduciary regulation. The House Committee on Education and the Workforce on April 21 had passed H. J. Res. 88 by a vote of 22-14.

The party line vote of 234-183 was enough to pass the measure, but not enough to meet the two-thirds majority that would be needed to override a presidential veto should it come to that — a step that President Obama earlier this week confirmed he would take.

Before it gets to the president, however, it would have to pass the Senate. Though that body has not yet taken action on a companion measure (S. J. Res. 33, introduced April 18 by Sen. Johnny Isakson (R-Ga.)), even if it were to pass, it wouldn’t be by a margin that could overcome a presidential veto.

Under the Congressional Review Act, the House and Senate vote on a joint resolution of disapproval to stop, with the full force of law, a federal agency from implementing a rule or regulation or issuing a substantially similar regulation without congressional authorization. A resolution of disapproval only needs a simple majority to pass and cannot be filibustered or amended, if acted upon during a 60-day window. The resolution of disapproval would have to be signed by the president; Congress would have to overturn a veto by a two-thirds vote in both the Senate and the House.