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By a vote of 26-12, the House Ways and Means Committee yesterday favorably reported out H.R. 4294, the "SAVERS Act of 2015," which aims to ensure that financial advisers act in the best interests of their clients.

A handful of committee Democrats joined committee Republicans in supporting the measure. The bill was passed out of the House Education and the Workforce Committee Tuesday on a party-line vote of 22-14.

H.R. 4294, introduced by Rep. Peter Roskam, R-Ill., seeks to ensure that low- and middle-income Americans continue to have access to affordable investment advice.

During the mark-up, Republican committee members' remarks were centered on protecting low-to-moderate income investors. They said the legislation provides for a greater diversity of options for consumers rather than the forthcoming Department of Labor rule.

A majority of committee Democrats said the Labor Department's final rule should be released, a hearing held and a Congressional Budget Office estimate issued on its budgetary impact and the number of new fiduciaries that would be created prior to any definitive action by the committee.

Also on Wednesday, the House Financial Services Committee reported out its fiscal 2017 budget views and estimates along a party-line vote. A chairman's mark of the document, released by the committee last week, indicates the committee will continue its focus on the oversight of Dodd-Frank Act and CFPB, including continuing to promote CFPB reform legislation.