Rep. Wagner Statement Regarding Obama Fiduciary Proposal

Washington, D.C. – Congresswoman Ann Wagner released the following statement on the President's announcement to proceed with a fiduciary rule that will prevent low and middle income Americans from accessing financial advice to save for their retirement:

"Today the Department of Labor along with the Obama Administration is doubling down on a misguided proposal that will negatively impact low- and middle-income Americans' ability to save for their retirement. This rulemaking will only end up harming the very people that it aims to protect by limiting access for Americans who are seeking advice from their financial advisers on retirement decisions.

"Unfortunately this sort of interference from the Obama Administration has become all too familiar. Earlier this month, the President proposed taxing 529 College Savings Plans, which regularly help middle income Missourians save for their children's college tuition, and this proposal from DOL and the President is more of the same in limiting options for families to save. I plan on introducing legislation this week that will preserve options for Americans to obtain financial advice and empower families to be able to properly save for their retirement and their family's future. "

###