A Senate Appropriations Committee budget bill approved Thursday doesn't allow any money for the Department of Labor to finalize its proposed fiduciary rule.
The vote was 16-14, with all Democrats opposing it. The measure was included “to restrain regulatory overreach by the administration,” a committee statement said.
The House Appropriations Committee approved a similar measure Wednesday, also along party lines. Both bills will now go to their full chambers for a vote.
The Senate bill funds the Department of Labor at $11.4 billion, a $575 million decrease from fiscal year 2015. The House bill gives the Department of Labor $11.7 billion for fiscal year 2016.
Rep. Maxine Waters, D-Calif., ranking member of the House Financial Services Committee, said in a statement the funding measures reverse protections for seniors and people saving for retirement. “It's remarkable how far Republicans will go to undermine rules that protect hard-working Americans,” Ms. Waters said.