Today, Financial Services Committee member Marlin Stutzman (R-IN) released the following statement after the Department of Labor issued the final version of its controversial "fiduciary" rule:
"This is the President's latest attempt to micromanage Americans' financial lives. Imposing this new 1,000 page rule will make saving for retirement more expensive and less flexible. Millions of middle class Americans who currently turn to financial advisors for help with their retirements may soon find that advice too expensive. Last year I voted in committee to stop this rule, so rest assured I'll continue down other avenues to fight for more money in Americans' pockets, not in government programs," said Stutzman.
The Financial Services Committee and the House passed the Retail Investor Protection Act, introduced by Rep. Ann Wagner, with bipartisan support last year. This bill would have stopped the Department of Labor from finalizing its harmful rule until the Securities and Exchange Commission (SEC) acts on the issue.