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Foxx and Roe Praise Circuit Court of Appeals Ruling to Vacate Obama-era Fiduciary Rule

Rep. Virginia Foxx (R-NC), chairwoman of the House Committee on Education and the Workforce, and Rep. Phil Roe (R-TN), today issued the following statements after the Fifth Circuit Court of Appeals vacated the Obama-era fiduciary rule, a regulation that limited retirement savers’ access to affordable financial advice and cost American families an estimated $17 billion a year. 

“The fiduciary rule has been a disaster since day one, which is why I’ve fought to stop it since 2010,” Rep. Roe said. “Unfortunately, the Obama administration refused to listen to bipartisan warnings that the fiduciary rule could drive up the cost of financial advice for low- and middle-income families, and President Obama vetoed my legislation to stop the rule. I was glad when President Trump delayed implementing parts of the rule while the fight continued in the courts, but more needs to be done to ensure every American – no matter their background – has access to sound financial advice. The fiduciary rule was unquestionably a solution in search of a problem, which is exactly why this ruling is a victory for every American saving toward retirement. I hope this will put an end to the misguided fiduciary rule once and for all, and that we can instead focus on how to improve protections for savers without potentially costing them access to advice.” 

“Millions of American families want to save for retirement, and the Obama Administration’s fiduciary rule only made it harder for them to do so,” Chairwoman Foxx said. “We’re glad the Fifth Circuit recognized this rule for the fundamentally flawed exercise in federal overreach that it truly was, and we will continue our work to make affordable, sound retirement advice a reality for workers, families, and small businesses. H.R. 2823, the Affordable Retirement Advice for Savers Act, opens the door for low-and middle-income American workers to access the solid retirement advice they want, and we’re proud to offer this legislative solution for them.”

Background: The Education and Workforce Committee favorably reported Rep Roe's bill, H.R. 2823, the Affordable Retirement Advice for Savers Act, in July 2017. For more on H.R. 2823, click here.

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