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Foxx Statement on the Fiduciary Rule

Rep. Virginia Foxx (R-NC), chairwoman of the House Committee on Education and the Workforce, issued the following statement in response to Labor Secretary Alexander Acosta’s decision to allow the fiduciary rule to take effect June 9, 2017: 

The last administration inflicted a lot of pain on workers, families, and small businesses, and it is going to take bold leadership to undo the damage that's been done and pursue a better course.‎

The secretary's decision does not provide the relief workers and families urgently need from a deeply flawed rule. If this is the path the department is determined to take, then it must quickly develop a responsible solution for dealing with a regulatory scheme that will make it harder and more costly for low- and middle-income families to save for retirement.

For more than 40 years, the Department of Labor has been responsible for enforcing protections for retirement savers. The secretary has a responsibility to work with this committee to address this problem. We will continue to conduct oversight of the flawed rule and advance our own ideas for strengthening protections and ensuring all Americans have access to affordable retirement advice. That is precisely what we have done in recent years, and we expect the secretary will join us in our future efforts.

During a hearing last week, members of the Subcommittee on Health, Employment, Labor, and Pensions discussed the need to further delay the flawed fiduciary rule because of the harmful consequences it will impose on workers and families saving for retirement. Members also recently expressed their concerns over the rule in a letter sent to the Department of Labor. In 2016, the House Committee on Education and the Workforce approved bipartisan legislation to strengthen protections for retirement savers and protect access to affordable retirement advice for low- and middle-income families.

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