The Republican-led House next week will attempt to override President Obama’s veto of a bill that would eliminate a new Labor Department rule governing investment advisors.
Lawmakers will also vote on a package of healthcare bills, try to pass a major spending bill and are hoping to reach a final deal to fight the Zika virus. An aide to the House Appropriations Committee said “it is possible” a Zika bill will be ready for floor consideration.
GOP leaders have set a Wednesday vote to override Obama’s veto of legislation that would kill the Labor Department’s so-called fiduciary rule. Obama vetoed the bill earlier this month after it passed along party lines on April 28, with no Democratic support.
The legislation would kill the fiduciary rule imposed by the Obama administration that would require investment advisors to act in the best interest of clients, who may not realize there is a conflict of interest that may impact their investments. The rule is aimed at making it harder for investment advisors to steer people toward high-fee investments for which those advisers collect a fee.
But Republicans say the rule will raise the cost of investing and make it less likely investment companies will advise customers with lower incomes.
Still, the rule is likely to survive. No Democrats voted for the bill, a sign that the GOP has little chance of coming up with the two-thirds votes needed to override Obama’s veto.
Republicans will have no trouble passing a series of healthcare bills that would make it easier for people to utilize health savings accounts.
Among the bills up next week is one authored by Rep. Lynn Jenkins, R-Kan., that would repeal a provision in Obamacare that prohibits the use of tax-free health savings accounts for purchasing over-the-counter medication.
The House will also consider legislation authored by Rep. Erik Paulsen, R-Minn., that would expand access to Health Savings Accounts and broaden their use to include the purchase of health insurance, exercise programs and other items not allowed under Obamacare.
“Twenty million people are using HSA-eligible health plans because they want more choice and flexibility when it comes to healthcare decisions,” Paulsen said when the measure cleared the House Ways and Means Committee last week. “It’s important to streamline and expand access to these popular accounts so that we can further empower patients as consumers.”
Lawmakers will also consider the fiscal 2017 Financial Services and General Government Appropriations bill. The $21.7 billion measure funds the Treasury Department, the Judiciary, the Small Business Administration, the Securities and Exchange Commission and related agencies.
During a committee vote last week, Republicans amended the bill to block the IRS from auditing churches unless the IRS commissioner and Ways and Means Committee approve it.
Another amendment adopted in committee would block an Obama administration executive order that imposes new labor standard reporting requirements on federal contractors.
Republican leaders said they’ll likely allow more amendments during the debate on the floor, but they will require pre-approval by the GOP-led Rules Committee. The GOP has tried to keep control of amendments in order to avoid LGBT provisions or other language that could scuttle the legislation.
