Sessions to President: Delay Fiduciary Rule Immediately

Texas Insider Report: WASHINGTON D.C.  U.S. Congressman Pete Sessions (R-TX) Chairman of the House Committee on Rules released the following statement after sending a letter to President Trump urging him to act swiftly on the Fiduciary Rule issued by the Department of Labor:

Today I asked President Trump to immediately announce a delay of Obamas fiduciary rule. This misguided rule was yet another example of the Obama Administrations one-size-fits-all approach to governing that allowed unelected bureaucrats to make decisions without fully taking into consideration the impact it would have on American families and businesses. Now that we have a President who is committed to rolling back the flawed regulations of the Obama Administration I believe we must use this opportunity to appropriately address the shortcomings of this ruling.  There has been a wave of uncertainty since the announcement of this rule. The longer we wait to act the more devastating the impact will be on financial planners and key stakeholders. That is why it is critical that we provide a swift answer on the changes or implementation of the ruling. I look forward to working with my colleagues in Congress and our friends in the Administration to undo the damage caused by this onerous provision and implement a workable solution for American families and businesses."