Rep. Phil Roe, M.D. released the following statement after the U.S. Department of Labor announced its proposed rule on fiduciary standards:
"I applaud Secretary Scalia and DOL for this proposed rule. After the coronavirus economic shutdown, many families are focusing on how they can achieve a financially secure future. DOL's proposed rule sets clear standards on fiduciaries and provides more choices to retirement savers without making investment advice more costly for low- and middle-income savers. This commonsense rule aligns with the SEC's best-interest standard and is based on standards adopted after a federal court struck down the Obama administration's disastrous 2016 fiduciary rule. I support this rule, and I look forward to its final implementation."
Note: In the 114th Congress, Rep. Roe introduced H.J.Res. 88, a resolution to use the Congressional Review Act to block the DOL's 2016 fiduciary rule. President Obama vetoed the measure after it passed both the House and Senate.