Press Releases

WASHINGTON – Today, Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) issued the following statement in response to the Department of Labor’s (DOL) final fiduciary rule: 
 
“DOL failed to learn from its own past blunders. This final fiduciary rule mirrors its shameful predecessor that was vacated by the 5th U.S. Circuit Court of Appeals in 2016. The final rule once again encroaches on the regulatory jurisdictions of the Securities and Exchange Commission and state insurance regulators. This regulatory overreach runs counter to the will of Congress and court decisions. Not to mention, the issuance of this final rule today is disrespectfully timed as millions of Jewish Americans are observing Passover.
 
“When retirees and savers simply want access to retirement products that meet their own needs, they will unfortunately find the options have become significantly limited. This Committee will continue to push back on the Biden administration’s efforts to harm Americans’ retirement security.”

###