Wagner Responds to Fiduciary Rule Heading to OMB
For Immediate Release
Contact: Meghan Burris | (202) 225-1621
Washington, D.C. – Today, Congresswoman Ann Wagner (R-MO-02) released the following statement after the U.S. Department of Labor submitted the updated Fiduciary Rule to the Office of Management and Budget (OMB):
“American families are already facing a savings crisis and the President’s insistence on pushing this rule forward will only make the problem worse. The Department of Labor has ignored Congress, thumbed its nose at the thousands of Americans who have expressed concerns about the impact this Rule will have on family savings and jobs, and has charged blindly forward with this executive overreach. It’s imperative that we preserve low- and middle-income Americans’ access to sound investment advice and the House passed Retail Investor Protection Act will do just that. This fight is far from over.”
BACKGROUND: H.R.1090 – Retail Investor Protection Act
- The Retail Investor Protection Act would prohibit the DOL from issuing new fiduciary rules under ERISA unless the SEC first issues a rule under Section 913 of Dodd-Frank.
- Before issuing a rule for a uniform fiduciary standard, the SEC would have to provide a report to the House Financial Services and Senate Banking Committee on whether current standards are a source of investor harm and whether such a rule would limit access to financial advice.
- Additionally, as part of the report the SEC would be required to look at alternative remedies to a uniform fiduciary standard that would address investor confusion, including simplifying titles used by professionals and enhancing disclosures.
- These requirements will ensure that any potential SEC rulemaking is actually solving the problem it seeks to address, and that the SEC and DOL are able to coordinate with each other.