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House Passes Resolution Protecting Access to Affordable Retirement Advice

House Education and the Workforce Committee Chairman John Kline and Health, Employment, Labor, and Pensions Subcommittee Chairman Phil Roe (R-TN) issued the following statements after the House passed H. J. Res. 88, a resolution that will block the Department of Labor’s misguided “fiduciary” rule and protect access to affordable retirement advice.

“We have taken an important step in protecting access to affordable retirement advice and helping more Americans retire with financial security and peace of mind,” Chairman Roe said. “The American people deserve better than a rule that will make it harder for millions of families to save for the future, limit the ability of individuals to receive basic financial advice, and create new obstacles for small businesses who want to offer their employees retirement plans. These are consequences families cannot afford, and they are consequences we do not have to accept. It’s time to put a stop to this harmful regulatory scheme so we can empower Americans to save more, not less.”
 
“When it takes the federal government more than a thousand pages to define a single word, chances are working families are going to get hurt,” Chairman Kline said, “The department’s fatally flawed rule will restrict access to affordable retirement advice and make it harder for small businesses to help their workers save for the years ahead. We can strengthen protections for those saving for retirement without raising costs and limiting choices for low- and middle-income families, and that’s what this resolution is about. I commend Dr. Roe for leading this fight on behalf of American workers and retirees. Let’s reject the administration’s extreme, partisan rule and get to work on the responsible, bipartisan solutions families and small businesses deserve.”
 
BACKGROUND:
The Department of Labor’s “fiduciary” rule—which was finalized in April 2016 and will go into effect in April 2017—will impose a host of costly new mandates and burdensome regulations on financial advisors that provide retirement advice. Bipartisan concerns have long been raised about the negative effects these mandates will have on individuals and small business owners. Instead of heeding these concerns, the department charged ahead with a flawed rule that will:
 
  • Make it harder for low- and middle-income families to save for retirement.
  • Restrict the ability of individuals to receive basic financial advice.
  • Leave some individuals with no choice but to search for financial assistance online.
  • Create new hurdles for small businesses that will have to pay more to offer their workers retirement options.

 
H. J. Res. 88, which passed the House by a vote of 234 to 183, will:
 

  • Block an extreme, partisan rule that will hurt low- and middle-income families saving for retirement.
  • Protect access to affordable retirement advice for all Americans.
  • Ensure small business owners can continue to find the advice they need to help their employees plan for retirement.
  • Build upon a larger, bipartisan effort to strengthen protections and help all Americans retire with the financial security and peace of mind they deserve.

 
To read the resolution, click here.
 
To learn more, click here.

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