Texas Insider Report: AUSTIN TEXAS Congressman Roger Williams (R Texas) a member of the House Financial Services Committee today issued the following statement after the Department of Labor released its fiduciary rule to set new standards for financial advisors who manage retirement accounts.
This rule is another example of an administration that assumes Americans are incapable of managing their personal lives and believes our federal government is ironically best positioned to give financial advice" said Williams. Middle class families will now suffer because advisors will be incentivized to seek out larger retirement accounts to make up for the rising costs they will have to incur. As I have stated before the Department of Labor has no business regulating brokers. While we have become accustomed to this administration bypassing Congress today it is bypassing the Security and Exchange Commission which was designed to take up these very issues."
This year Williams cosponsored the Retail Investor Protection Act which prohibits the Secretary of Labor from defining the circumstances under which an individual is considered a fiduciary.
