Wagner Calls on DOL Deputy Secretary to Answer for the Department’s Reckless Fiduciary Rule

Washington, D.C.  – Congresswoman Ann Wagner (R-MO), Chair of the Financial Services Subcommittee on Capital Markets, wrote to Department of Labor Deputy Secretary Julie Su questioning her on the proposed Fiduciary Rule that will make life more expensive for everyday investors.

Chairman Wagner said:  “Since I first came to Congress in 2013, I have fought back the Department of Labor’s attempts to raise costs, limit choices, and restrict access to investments for hardworking Americans.

“This proposal marks the Department of Labor’s fourth attempt to issue a ‘fiduciary’ proposal. Each iteration of this decade-long effort has drawn significant investor as well as bipartisan Congressional concern.  Most notably, the Obama Administration’s DOL Fiduciary Rule was vacated by the US Court of Appeals for the Fifth Circuit in 2018 due to DOL exceeding its statutory authority under ERISA in writing rules. This court-rejected proposal threatened the access of affordable and reliable retirement investment advice for millions of low- and middle-income Americans. …The Obama Administration’s DOL fiduciary rule would have left Americans who are just starting to build their retirement savings without access to financial advice or paying more for fewer options and decreased service. The Biden Administration’s fiduciary rule is no different.”

You can read the full letter and Chairman Wagner’s questions to the Deputy Secretary here.