Education and the Workforce Committee Chairman John Kline (R-MN), Health, Employment, Labor, and Pensions Subcommittee Chairman Phil Roe (R-TN), Ways and Means Committee Chairman Kevin Brady (R-TX), and Oversight Subcommittee Chairman Peter Roskam (R-IL) issued the following statement in response to the Department of Labor's final "fiduciary" rule:
Helping more Americans plan for retirement is a priority we all share. That's why we have repeatedly expressed our belief that retirement advisors should serve their clients' best interests and then put forward bipartisan reforms that would require just that. It's also why we urged the department to pursue a balanced approach and why we remain concerned with the far-reaching consequences of this final regulation.
We continue to have serious concerns that these new rules will make it harder for low- and middle-income families to receive basic education about retirement savings and will create new hurdles for small business owners who want to offer their workers retirement options. These are consequences working families and job creators cannot afford. Now that the department has put forward a final rule, we plan to review it thoroughly. We remain committed to using the tools we have to help all Americans retire with the financial security and peace of mind they deserve.
BACKGROUND: In December 2015, Republican and Democratic lawmakers introduced complementary legislative proposals to strengthen retirement security without harming working families and small businesses. The Affordable Retirement Advice Protection Act, led by Rep. Roe, and the Strengthening Access to Valuable Education and Retirement Support Act, led by Rep. Roskam, would together raise investment advice standards for the retirement industry to ensure financial advisors act in the best interests of their clients. The bipartisan bills, which were passed out of committee earlier this year, would also ensure low- and middle-income Americans have access to quality, affordable financial advice to help plan for retirement.