Roe Statement on the Department of Labor’s Decision to Delay the Fiduciary Rule
WASHINGTON, D.C. – Today, Rep. Phil Roe, M.D. (R-TN) released the following statement on the Department of Labor’s decision to delay the Obama administration’s Fiduciary Rule by an additional 60 days:
“I commend President Trump for again delaying the Department of Labor’s misguided Obama-era Fiduciary Rule that would drive up the cost of investment advice for low- and middle-income investors. Since 2010, I have chaired hearings, asked questions and written letters to the Obama administration in an attempt to understand why the Department of Labor was pursuing this misguided rule. The Fiduciary Rule is a solution in search of a problem and creates an unnecessarily complicated bureaucracy. I am pleased the president acted today to extend the relief from this rule for another 60 days; however, more must be done to ensure Americans can more easily receive the advice they need to adequately 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.