The House and Senate on Friday approved a $1.1 trillion omnibus spending bill.
The measure funds the federal government through September 2016. A White House statement praised the measure for being “largely free of new unrelated ideological riders.”
The bill includes $1.6 billion for the Securities and Exchange Commission, $117 million below President Barack Obama's request. One rider still in the bill prevents the SEC from requiring corporations to disclose political spending. A related rider prevents the IRS from working on a new rule to define political activity for non-profit groups.
One of the rejected riders would have prevented the Department of Labor from issuing a final fiduciary rule. Financial services groups say they will continue to press for delay of the rule, and several members of Congress introduced legislation Friday that would require congressional approval before the rule is finalized. Those members — Peter Roskam, R-Ill.; Richard Neal D-Mass.; Phil Roe R-Tenn.; and John Larson D-Conn. — also offered an alternative fiduciary standard to protect consumers.
Nancy LeaMond, AARP chief advocacy and engagement officer, called the final package “a victory for retirement investors” and praised lawmakers for rising above partisan issues. “The House has voted for stability over the economic chaos which would have resulted from a government shutdown, and we look forward to the Senate vote on the omnibus bill,” Ms. LeaMond said.
A rider allowing Puerto Rico access to bankruptcy procedures was also left out.