GOP funding bill would block financial adviser rule

GOP funding bill would block financial adviser rule
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The GOP is turning to the power of the purse to kill the Labor Department’s fiduciary rule.

A Republican-backed bill to fund the Labor Department contains a provision that would block the agency from using the money to implement new restrictions on financial advisers.

The Obama administration has clashed with Republicans over the rule.

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Earlier this year, President Obama vetoed a high-profile GOP attempt to disapprove of the rule — and essentially block it — under the Congressional Review Act.

After that failed, Republicans turned to the appropriations process. 

The House Appropriations Committee will vote Wednesday on the Labor Department’s funding bill. In addition to the fiduciary rule, the legislation also contains a provision blocking the agency’s overtime rule.

The Labor Department recently raised the overtime threshold, so that more employees get paid time and a half when they work more than 40 hours in a week.

It is unlikely Obama would accept a budget that blocks the fiduciary and overtime rules.