Statement by Senator John McCain on Vote to Block Regulations that Weaken U.S. Retirement System

Statement

U.S. Senator John McCain released the following statement on voting in favor of a Resolution of Disapproval to block the Department of Labor's fiduciary rule affecting the nation's retirement system, which passed the Senate 56-41 today:

"Today, I voted to block the Department of Labor's harmful fiduciary rule, which will weaken the nation's retirement system, restrict Arizonans' access to retirement-planning advice, and make it more costly for low and middle class families to invest. I have heard from numerous individuals and small businesses in Arizona who are concerned about the Administration's overreach into their retirement planning. According to the American Action Forum, this 1,000 page burdensome regulation alone will come at a cost of $31.5 billion to the American taxpayer, making it the most expensive rule to come from President Obama this year. Since he first threatened to legislate with his "pen and phone' in 2014, the President has been relentless in churning-out burdensome regulations, such as his rule regulating all "waters of the United States,' the Clean Power Plan and his rule on ozone emissions. Make no mistake--the cumulative burden of these rules and regulations will continue to hurt Arizona small businesses and families and chill Arizona's economy. I will continue to support efforts to roll-back President Obama's oppressive regulatory assault and relieve its devastating impacts on our great state."

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