Wagner Applauds Senate Passage of Resolution to Block Fiduciary Rule

Today, Congresswoman Ann Wagner (R-MO-02) released the below statement after the Senate passed a resolution to block the Department of Labor's (DOL) controversial fiduciary rule, which restricts access to investment advice. In April 2016, the U.S. House of Representatives passed the same resolution under the Congressional Review Act, which Wagner introduced.

"American families deserve the freedom to choose how they invest in their future. The fiduciary rule is ObamaCare for your retirement and only hurts those it claims to protect: low- and middle-income investors looking for sound savings advice," said Congresswoman Wagner. "I am glad Congress has finally come together, in both Chambers, to protect hardworking Americans from yet another executive power grab by the Obama Administration. As this measure now heads to President Obama's desk, he must choose whether he will stand with low- and middle-income families, or once again stand with big government liberals in Washington."

Background:

In early 2015, Wagner introduced the Retail Investor Protection Act (RIPA), which passed the House with bipartisan support. After the Depart of Labor released its final fiduciary rule in April 2016, Congresswoman Wagner, along with Congressmen Roe and Boustany, introduced a resolution under the Congressional Review Act to block implementation of the rule.

Under the Congressional Review Act, Congress may pass a resolution of disapproval to prevent, with the full force of the law, a federal agency from implementing a rule or issuing a substantially similar rule without congressional authorization.

Source