Texas Insider Report: WASHINGTON DC Ways and Means Committee Chairman Kevin Brady (R-TX) Education and the Workforce Committee Chairman John Kline (R-MN) Oversight Subcommittee Chairman Peter Roskam (R-IL) and Health Employment Labor and Pensions Subcommittee Chairman Phil Roe (R-TN) issued the following statement in response to the Department of Labors final fiduciary" rule:
Helping more Americans plan for retirement is a priority we all share. Thats 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. Its 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
Strengthening Access to Valuable Education and Retirement Support Act led by Rep. Roskam and the
Affordable Retirement Advice Protection Act led by Rep. Roe 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 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.
