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Health, Employment, Labor, and Pensions Subcommittee Chairman Phil Roe (R-TN) and House Education and the Workforce Committee Chairman John Kline (R-MN) denounced President Obama’s veto today of H . J. Res. 88, a joint resolution of disapproval under the Congressional Review Act. Introduced by Rep. Roe, the resolution would protect access to affordable retirement advice for low- and middle-income families by blocking the Department of Labor’s “fiduciary” rule.

“This veto threatens the retirement security of millions of working families," Rep. Roe said. "The flawed fiduciary rule will make it harder for low- and middle-income workers to save for the future, limit the ability of individuals to receive basic financial advice, and jeopardize the creation of small business retirement plans. President Obama is apparently willing to accept these painful consequences, but Republicans are not. We’ll continue to do everything in our power to protect access to affordable retirement advice for every American.”

“The president has once again put an extreme, partisan rule before the best interests of working families and small businesses,” Chairman Kline said. “Those who will be hurt the most are the very men and women who need help saving for retirement. I want to thank Dr. Roe for leading the fight against this convoluted regulatory scheme, and it is a fight that’s far from over. Congress will continue to do what’s necessary to stop this harmful rule and help low- and middle-income families retire with the dignity and peace of mind they deserve."

BACKGROUND: Under the Congressional Review Act, Congress can pass a joint resolution of disapproval to stop, with the full force of the law, a federal agency from implementing a rule or regulation or issuing a substantially similar regulation without congressional authorization. Rep. Roe’s resolution (H . J. Res. 88) to block the fiduciary rule passed the Senate on May 24 by a bipartisan vote of 56 to 41, after passing the House in April by a vote of 234 to 183.

The Department of Labor’s fiduciary rule—which was finalized in April 2016—will impose a host of costly new mandates and burdensome regulations on financial advisors that provide retirement advice. Bipartisan concerns have long been raised that the rule will restrict access to affordable retirement advice for low- and middle-income families and create new hurdles for small businesses that will have to pay more to offer their workers retirement options. H . J. Res. 88 would:

• Block a 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.

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