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Committee Approves Legislation to Repeal Fiduciary Rule, Strengthen Protections for Retirement Savers

Today, the House Committee on Education and the Workforce, chaired by Rep. Virginia Foxx (R-NC), approved the Affordable Retirement Advice for Savers Act (H.R. 2823). Introduced by Rep. Phil Roe (R-TN), the legislation protects access to affordable retirement advice by overturning the Obama administration’s fiduciary rule while requiring retirement advisors to serve the best interests of their clients.

Following the markup, members released the following statements:

“A rule requiring sound retirement advice achieves nothing if it means many people will no longer have access to retirement advice at all,” Rep. Roe said. "By raising the bar for the retirement services industry and strengthening protections for savers, H.R. 2823 will help prepare lower- and middle-class Americans for retirement. I will continue to support legislation that will stop government overreach and return decision-making power to the men and women who get up and go to work every day to create a better life for them and their families.”

“For years, this committee has led the fight against the flawed fiduciary rule on behalf of working families,” Chairwoman Foxx said. “We all agree that financial advisors should act in good faith. We can achieve that goal without making it harder for people to build a secure retirement. This legislation proves it. I want to thank Representative Roe for championing this proposal that is critical to the retirement security of men and women across the country.”

The bill was approved by a vote of 23 to 17.

For a fact sheet, click here.

For a bill summary, click here.

For more information on the markup, click here.


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