Press Releases

WASHINGTON – Today, Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) and Reps. Bob Good (R-VA), Tim Walberg (R-MI), Glenn Grothman (R-WI), Elise Stefanik (R-NY), Rick Allen (R-GA), Jim Banks (R-IN), Lloyd Smucker (R-PA), Lisa McClain (R-MI), Erin Houchin (R-IN) and Aaron Bean (R-FL), sent a letter to Department of Labor Acting Secretary Julie Su urging the agency to withdraw its proposed fiduciary rule. The proposed rule would create instability in the retirement marketplace and jeopardize the savings of millions of hardworking Americans. 
 
In the letter, the lawmakers write: “The Proposal attempts to broaden the types of retirement advice subject to fiduciary standards, which would limit access to investment advice and investor choice. These consequences will disproportionately impact lower- and middle-income Americans. … The Proposal is the latest example of DOL’s inconsistency. … This confusing regulatory morass creates unnecessary uncertainty in the marketplace—harming retirement professionals and savers alike.”
 
The lawmakers continue: “As Chairwoman Foxx stated in her letter of November 17, 2023, this Proposal will have far-reaching implications if finalized. The letter noted the retirement community has had inadequate time to digest and respond to the Proposal. … This suggests that DOL is not interested in allowing the retirement community to develop its responses fully and that DOL does not value those responses.”
 
The lawmakers conclude: “The Proposal is yet another instance of DOL creating unnecessary and burdensome regulations reaching well beyond its jurisdiction and expertise. This disastrous Proposal would reduce access to and choice of retirement products for millions of Americans, leaving them less financially secure for retirement. DOL should stop threatening the retirement security of hardworking Americans and should withdraw this harmful proposal.”
 
To read the full letter, click here.

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