*** MEDIA ADVISORY *** TOMORROW: Subcommittee to Discuss Principles for Protecting Workers’ Retirement Security
WASHINGTON, D.C., December 1, 2015
On Wednesday, December 2 at 10:00 a.m., the Subcommittee on Health, Employment, Labor, and Pensions, chaired by Rep. Phil Roe (R-TN), will hold a hearing entitled, “Principles for Ensuring Retirement Advice Serves the Best Interests of Working Families and Retirees.” The hearing will take place in room 2261 of the Rayburn House Office Building.
The Department of Labor has proposed a rule that will dramatically affect how low- and middle-income families and small business owners receive retirement advice. Known as the “fiduciary rule,” this regulatory proposal will impose on financial advisors a host of costly new mandates and burdensome regulatory requirements. Concerns have been raised that the department’s flawed proposal will cause workers to lose access to trusted financial advisors, significantly raise the cost of receiving financial advice, force individuals to search for investment help online, and lead to fewer small businesses offering retirement plans.
As a result of these concerns, policymakers on both sides of the aisle have asked the department to seek a more balanced approach. Republican and Democratic lawmakers have also developed a set of principles to inform a legislative solution that will help strengthen the retirement security of working families and ensure retirement advisors protect their clients’ best interests. Tomorrow’s hearing will provide members an opportunity to discuss those principles and continue an effort to develop a responsible legislative proposal that will help Americans save for their retirement.
To learn more about the hearing, visit /hearings.
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The Honorable Bradford Campbell