WASHINGTON, D.C. | June 9, 2017
Saving for retirement is no easy task. Unfortunately, it’s about to become even harder.
That’s because the Obama administration’s flawed fiduciary rule takes effect today. The rule threatens to restrict access to affordable retirement advice for low- and middle-income families and undermine the ability of small business owners to offer workplace retirement plans.
For years, the House Committee on Education and the Workforce has led the fight to prevent these consequences. And that fight will continue in the weeks ahead. As Chairwoman Virginia Foxx (R-NC) said when expressing disappointment over the Department of Labor’s decision to allow the rule to take effect:
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.
In fact, the committee just took an important step in this effort. This week, Rep. Phil Roe (R-TN) introduced the Affordable Retirement Advice for Savers Act, (H.R. 2823) saying:
The Obama administration made a reckless, unnecessary trade-off between strong protections for retirement savers and access to affordable retirement advice. This legislation reflects a more responsible solution that will ensure all Americans have access to affordable retirement advice that’s in their best interest.
Unlike the Obama administration’s fiduciary rule, the legislation strengthens protections for retirement savers without hurting low- and middle-income families. H.R. 2823:
- Overturns the fiduciary rule to protect access to high-quality, affordable retirement advice.
- Strengthens retirement planning by requiring financial advisors to serve their clients’ best interests.
- Enhances transparency and accountability through clear, simple, and relevant disclosure requirements.
- Ensures small business owners continue receiving the help they need to provide retirement plans for their employees.
For a fact sheet, click here.
To learn about the bill's retirement protections, click here.
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