WASHINGTON, D.C. – Today, Congresswoman Ann Wagner (R-MO-02) released the following statement after five national financial industry associations filed a lawsuit to challenge the Department of Labor’s fiduciary rule:
“While I regret that the industry has resorted to litigation to reverse the ill-advised fiduciary rule, I am proud these associations are standing with Americans, unlike President Obama who remains loyal to big government special interests in Washington. Today’s lawsuit is a testament to the extreme consequences this rule will have on low- and middle-income families looking to save for retirement.
“I am proud that earlier this week Congress sent a bipartisan bill to the President’s desk that would repeal the fiduciary rule. Unfortunately, I anticipate he will opt for his veto stamp over American families who deserve to choose how they invest in their future. The Department’s fiduciary rule is simply Obamacare for retirement savings, limiting choices and access to sound investment advice.”
Earlier today, the U.S. Chamber of Commerce, Financial Services Institute, Financial Services Roundtable, Greater Irving-Las Colinas’ Chamber of Commerce, Insured Retirement Institute, Lake Houston Area Chamber of Commerce, Lubbock Chamber of Commerce, Securities Industry and Financial Markets Association, and Texas Association of Business filed a legal challenge to the Department of Labor’s fiduciary rule for brokers and registered investment advisers serving Americans with Individual Retirement Accounts (IRAs) and 401(k) plans.
On Tuesday, May 31, Congress sent President Obama the Protecting Access to Affordable Retirement Advice Act, a resolution that passed with bipartisan support, which repeals the President’s harmful fiduciary rule. Congresswoman Wagner, along with Congressmen Roe and Boustany, introduced this resolution in the House in April 2016.