Rep. Wagner Statement on Passage of H.R. 1090
Congresswoman Ann Wagner released the following statement on the passage of H.R. 1090, the Retail Investor Protection Act, which will block the Department of Labor from issuing a 1,000 page rule on retirement savings that will prevent countless Americans from accessing financial advice:
“The U.S. House of Representatives stood up for low- and middle-income investors today by passing the Retail Investor Protection Act, which I sponsored. The Obama Administration and the Department of Labor believe that the American people need to be protected from themselves, that they are not smart or capable enough to control their own retirement savings.
“My constituents are tired of Washington bureaucrats telling them what food their families should eat, where they should turn for health care and, now, how they should save for retirement. I for one refuse to stand by and let this Administration advance another regulation that ultimately takes away our freedoms. The burdensome 1,000 page rule offered by the Department of Labor would do just that, increasing costs for Missouri families and reducing access to sound financial advice. I was proud to lead in this bipartisan fight to protect investors and I am hopeful that the U.S. Senate will join us in our efforts to block this onerous rule.”
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