Under the measure, the April 10 applicability date will be pushed back to June 9.
Advocates for the rule say the Trump Department of Labor is moving too quickly.
The bi-partisan legislation would permit the regulator to pursue larger fines through its administrative process
With several agencies patrolling the same beat, advisers and firms can be hit with numerous sanctions for a single infraction.
Jay Clayton spent most of his confirmation hearing fending off questions about conflicts.
CEO Robert Cook said self-regulator is seeking ways to improve its interactions with brokerage firms.
The president could appoint two independent members or simply leave the vacancies open.
A truncated comment period for a proposed delay to the Labor Department's fiduciary rule came to a close on Friday with a letter from 40 House Democrats denouncing the stall.
Organization recently hired Capitol Hill veteran to head up its government relations efforts.
