Rep. John Kline (R-MN), the top Republican on the U.S. House Education and Labor Committee, today criticized the U.S. Department of Labor’s decision to roll back vital investment advice opportunities for workers. The Department formally rescinded regulations that would have given workers access to individualized investment advice to help manage their 401(k) plans – a benefit that would prove especially useful to workers in this time of economic uncertainty.
“I am disappointed the Obama Administration has chosen to deprive working Americans of access to the high-quality, personalized investment advice they so desperately need and want,” said Kline. “The Pension Protection Act, which cleared the way for workers to receive customized retirement planning advice, was enacted by Congress with overwhelming bipartisan support. I am deeply troubled the Administration would unilaterally withdraw these regulations and deprive millions of Americans of an additional tool to help them plan for a secure retirement.”
Today’s announcement is the latest in a string of decisions by the Labor Department to withdraw pro-worker regulations that would benefit rank-and-file working Americans. Earlier this year, the Administration halted a plan to provide greater transparency over union finances, a decision that limits workers’ ability to hold union bosses accountable for how their dues are spent.
“With the economy languishing, the Administration should be focused on creating jobs and empowering workers. Instead, they’re investing time and energy in dismantling important worker protections. Working families deserve better,” said Kline.
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