WASHINGTON, D.C. – Congressman Robert Hurt (R-Virginia) released the following statement after voting in favor of a resolution to disapprove and nullify the rule submitted by the Department of Labor (DOL) to amend the definition of the term "fiduciary." This vote builds off of a bill passed by the House of Representatives in October, the Retail Investor Protection Act, which would require the DOL to defer to the expertise of the Securities and Exchange Commission (SEC) rather than apply its own proposed fiduciary rule:
"The Department of Labor's rule will harm investors by diminishing their access to financial advice, reducing consumer choice, and increasing costs for folks looking to save for their retirement. This rule will undoubtedly make it more difficult for hardworking Americans, especially folks who are starting to save or who have lower account balances to save for retirement. Unfortunately, the DOL seems to be ignoring the impact on both savers and financial advisors, as well as the bipartisan message from Congress urging DOL to halt this rule.
"I believe that the SEC, not the DOL, is in the best position to oversee and regulate the conduct of those who provide investment advice. This resolution disapproves the DOL's disastrous rule, and I am proud to support this resolution and pleased to see it pass the House with bipartisan support today. It is my hope that the Senate and the President will work with us to ensure that hardworking Americans will have the ability and freedom to properly plan for their futures."
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