Senators Elizabeth Warren (D-MA) and Tina Smith (D-MN) challenged Fidelity Investments to defend its recent decision to allow investments in Bitcoin in its 401(k) investment plan menu.
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President Donald J. Trump signed a joint resolution nullifying a Department of Labor rule that created a "safe harbor" from ERISA regulations for local government-run retirement plans.
President Obama vetoed a Congressional resolution of disapproval to prevent the Department of Labor's implementation of the final rule relating to the "Definition of the Term 'Fiduciary'; Conflict of Interest Rule – Retirement Investment Advice."
SIFMA and numerous financial associations filed a complaint against the Department of Labor with the U.S. District Court for the Northern District of Texas. The complaint would strike down an "overreaching" DOL fiduciary rule.
The Senate passed a resolution of disapproval blocking the Department of Labor's implementation of its "fiduciary" rule. The rule defines the term "fiduciary" and concerns conflicts of interest in retirement investment advice.