Bipartisan Concerns Aired Over Controversial Labor Dept. Retirement Regulation - See more at: http://financialservices.house.gov/news/documentsingle.aspx?DocumentID=399656#sthash.rJseBxKA.dpuf
Press Release
Republicans and Democrats at a Financial Services Committee hearing today expressed objections to a controversial Obama administration regulatory proposal that would harm lower and middle income Americans trying to save for retirement.
Members and witnesses at a joint subcommittee hearing said the Department of Labor's (DOL) proposed "fiduciary" rulemaking on financial advisors would raise costs for Americans seeking sound financial advice and create yet another top-down regulatory burden on small business.
Members also discussed a bill introduced by Rep. Ann Wagner (R-MO), the Retail Investor Protection Act (H.R. 1090), that would require the proposed rule to first be issued by the Securities and Exchange Commission. Similar legislation passed the House two years ago with bipartisan support.
Rep. Scott Garrett (R-NJ), Chairman of the Capital Markets and Government Sponsored Enterprises Subcommittee, said, "Looking down our panel of witnesses today and in reading through some of the 2,300 comment letters received by the DOL, it's pretty clear that the biggest impact of this rule is going to be felt far from Wall Street -- and millions of middle or lower income households may ultimately have no place to go for advice."
Rep. Sean Duffy (R-WI), Chairman of the Oversight and Investigations Subcommittee, said, "As proposed, the rule prescribes an unworkable framework for many middle and lower-income Americans trying to save for retirement. This is not a Wall Street issue; this is an issue for millions of Americans in every state that will find themselves the victim of this poorly designed regulation. This has been described as Obamacare for your IRA, and is yet another attempt by the Administration to perpetuate a 'government-knows-best' regime. Americans should be able to make the investment choice that is right for them."
- See more at: http://financialservices.house.gov/news/documentsingle.aspx?DocumentID=399656#sthash.rJseBxKA.dpuf
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