Neugebauer Response to Fiduciary Rule Finalization

Statement

Rep. Randy Neugebauer (R-TX) released the following statement today in response to the United States Department of Labor's (DOL) release of their final fiduciary rule, which imposes burdensome new standards on retirement advice:

"Despite the serious concerns raised by many during the comment period of the proposed fiduciary rule, the DOL has moved forward with finalizing this rule. Though I agree with the DOL's objective, to ensure that financial professionals are serving their customers' best interests, it is frustrating that this rule will have a disproportionate impact on Americans with more modest retirement account balances. In order to comply with the DOL's fiduciary rule, onerous requirements will be placed on financial advisors and the likely result is that many advisors will not find it feasible to provide retirement guidance to clients who have lower account balances. Unfortunately, I believe this rule will significantly limit access to and choice of retirement products for American consumers."

Source