Roe Statement on President Trump’s Executive Order on the Fiduciary Rule
WASHINGTON, D.C. – Today, Rep. Phil Roe, M.D. (R-Tenn.) released the following statement after President Trump signed an executive order to halt the Department of Labor’s Fiduciary Rule:
“Since 2010, I have chaired hearings, asked questions and written letters in an attempt to understand why the previous administration was pursuing this misguided rule. Our oversight exposed significant shortcomings with the rule, and I’m glad President Trump has signed an executive order to halt its implementation. We can all agree financial advisors should serve their clients’ best interests, but the Fiduciary Rule was a solution in search of a problem and created an unnecessarily complicated bureaucracy that would have hurt low and middle class investors by driving up the cost of investment advice. I look forward to working with the Trump administration to ensure all Americans, no matter their background, can save for retirement.”Background: Last April the House passed Roe’s legislation, H.J.Res. 88, to stop the Fiduciary Rule. The bill was vetoed by President Obama. You can read more about the Congressman’s six-year effort, including his bipartisan proposal to provide new protections to investors, here.