Byrne Votes to Protect Access to Retirement Advice for American Families

Press Conference

Congressman Bradley Byrne (R-AL), a member of the House Education and the Workforce Committee, voted today to block the Obama Administration's "fiduciary" rule, which would restrict access to retirement advice for American families.

This rule will impose new standards and regulations on financial advisors while also expanding the definition of who is required to comply. Studies have found the increased compliance costs could be over $2 billion. The added costs will be passed on to the consumer in the form of higher costs and fees.

The rule will be especially hard on low- and middle-income families who will no longer be able to afford retirement advice. The rule may also restrict small businesses' ability to offer retirement options to their employees.

Byrne said: "I am pleased the House acted today to stop the Obama Administration's ill-conceived "fiduciary' rule. Republicans and Democrats agree that financial advisors should act in the best interest of the consumer, but there is a far better way to ensure the bad actors are punished than hurting everyone else in the process.

"No one would be hurt more by this rule than low- and middle-income families who arguably need this financial advice the most. I hope the Senate will act soon on our legislation to ensure each and every American has access to retirement advice."

H. J. Res. 88, the resolution disapproving of the "fiduciary" rule, passed by a vote of 234 to 183.

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