By overregulating this process the Administration is making it virtually impossible for middle-class Americans to receive sound financial advice to make the decisions necessary to plan for their futures.
Texas Insider Report: WASHINGTON DC U.S. Congressman Pete Sessions (R-TX) Chairman of the House Rules Committee today issued the following statement in response to the Department of Labors proposed fiduciary rule:
The Department of Labors proposed fiduciary rule is a misguided regulation that saddles financial planners with mountains of paperwork and restricts access to quality investment advice for more than seven million hard working Americans with retirement savings accounts. By overregulating this process the Administration is making it virtually impossible for middle-class Americans to receive sound financial advice to make the decisions necessary to plan for their futures. As a father and a husband I understand the importance of planning and saving for not only your future but your familys future. This prohibitive rule creates unnecessary hurdles for people who want to receive financial guidance and will result in nothing but harm to American families workers and businesses. The Obama Administration has attempted to meddle in every aspect of our lives and I refuse to stand by and let it interfere with something as important as the financial futures of millions of American families." Senate Republicans suggested Tuesday that despite an onslaught of pressure Democrats have failed to move the needle in an entrenched Supreme Court battle. John Cornyn the Senates No. 2 Republican blasted any talk of Democrats being able to move his caucus on the issue as pure spin. There hasnt been any movement what so ever the Texan said. No hearings. No vote and thats been our position from the beginning.
