WASHINGTON May 3 In a razor-thin vote, the U.S.
Senate on Wednesday approved a resolution killing a Labor
Department regulation aimed at easing federal restrictions for
new state-sponsored retirement savings plans for lower-income
The rule, championed by states such as California but
opposed by the mutual fund industry, exempted state-run
retirement plans from strict pension protection laws.
It was the 14th Obama-era rule that the Republican-led
Congress has killed under the once-obscure Congressional Review
Act, which allows lawmakers to repeal newly minted regulations
with only simple majorities in both chambers and a signature
from the president.
The Senate passed the resolution in a 50-49 vote, and
President Donald Trump was expected to sign it into law.
(Reporting by Lisa Lambert and Sarah N. Lynch)