Roe Statement on the Implementation of the Fiduciary Rule
WASHINGTON, D.C. – Today, Rep. Phil Roe, M.D. (R-TN) released the following statement in response to Labor Secretary Alexander Acosta’s decision to allow the fiduciary rule to partially take effect June 9, 2017:
“The misguided, Obama-era fiduciary rule drives up the cost of investment advice for low- and middle-income investors and makes it harder, not easier, for workers to save for retirement. From the day it was first announced, this rule was a solution in search of a problem. If this is the direction the secretary believes is necessary, I will strongly urge him to expedite additional relief from the rule, and in the long-term, will continue advocating the reversal of this flawed rule. More must be done to ensure Americans can more easily receive the advice they need to adequately save for retirement.”
Dr. Roe recently led a letter of 124 members in writing to the Secretary urging him to permanently delay the rule.
BACKGROUND COURTESY OF THE HOUSE EDUCATION AND WORKFORCE COMMITTEE: During a hearing last week, members of the Subcommittee on Health, Employment, Labor, and Pensions – including Dr. Roe – discussed the need to further delay the flawed fiduciary rule because of the harmful consequences it will impose on workers and families saving for retirement. Members also recently expressed their concerns over the rule in a letter sent to the Department of Labor. In 2016, the House Committee on Education and the Workforce approved Dr. Roe’s bipartisan legislation to strengthen protections for retirement savers and protect access to affordable retirement advice for low- and middle-income families.