WASHINGTON – Today, Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) made the following statement in response to the Department of Labor (DOL) issuing its proposed fiduciary rule:
“In the last two years, DOL has espoused at least three separate positions on what it means to be an investment advice fiduciary. This latest proposal is just new lipstick on the same old pig, and it will harm retirement plans, retirees, and savers.
“DOL’s proposal reaches well beyond its jurisdiction. Instead of regulating retirement plans, DOL is trying to regulate what individuals do with their own retirement savings. This kind of overreaching interference spells disaster. DOL has already proven it cannot handle its own investigations, which are endless and aimless, and now DOL wants to expand its jurisdiction illegally.
“DOL, stop threatening Americans’ retirement security. Get your act together!”
Background:
In August 2023, Chairwoman Foxx and Senate Health, Education, Labor, and Pensions Committee Ranking Member Bill Cassidy, M.D. (R-LA) sent a letter to Acting Secretary Julie Su demanding DOL cease further action amending the definition of an investment advice fiduciary.
