WASHINGTON, D.C. | May 24, 2016
Rep. Phil Roe (R-TN), chairman of the Subcommittee on Health, Employment, Labor, and Pensions, issued the following statement after the Senate approved H. J. Res. 88
, a joint resolution of disapproval under the Congressional Review Act
blocking the Department of Labor’s fiduciary rule. Introduced
by Rep. Roe, the resolution will help low- and middle-income families plan for retirement by stopping an extreme, partisan rule that will limit access to affordable financial advice.
Today’s Senate vote moved us one step closer to helping every American—regardless of income—retire with the financial security and peace of mind they deserve. We need to make it easier for families to save for their retirement years, and as we’ve said all along, that includes ensuring financial advisors act in their clients’ best interests. We can achieve this bipartisan goal without restricting access to affordable retirement advice for low- and middle-income families and creating new hurdles for small businesses. That’s exactly why Congress passed this resolution.
It’s time for the administration to abandon its flawed regulatory scheme and focus on working with members of both parties to deliver the real retirement security Americans need. I urge the president to stand with working families by putting away his veto pen and supporting this important resolution.
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