Press Releases

House Education and the Workforce Committee Chairman John Kline (R-MN) and Health, Employment, Labor and Pensions Subcommittee Chairman Phil Roe (R-TN) issued the following joint statement in response to the Department of Labor’s fiduciary rule proposed earlier today:

It’s remarkable it takes a regulatory proposal spanning hundreds of pages to define a single word. It will take time to examine this new proposal and determine whether it’s a better approach or just the same flawed scheme we’ve seen before. We have said all along that we're open to modernizing current rules in a way that provides more protections to Americans. However, we will strongly oppose any rule that makes it harder for working families to plan for retirement. Our country faces difficult retirement challenges, and the last thing we should do is create new barriers to the retirement security the American people deserve.

This is a sweeping regulatory proposal that will impact the lives and financial well-being of millions of Americans. It’s deeply troubling the administration has refused to fully cooperate with our oversight requests to determine whether close coordination took place across the federal government to ensure a clear, consistent standard emerged. It is time for the administration to stop paying lip service to good government and start delivering the facts to prove it. The American people and this Congress have every right to know how this regulation was crafted, and we expect a complete response to our oversight inquiries without further delay.

To learn more about the committee's oversight of the rulemaking, click here. 

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