Wagner Blasts Misguided, Irresponsible Fiduciary Rule

Washington, D.C.  – Congresswoman Ann Wagner (R-MO), Chair of the Financial Services Subcommittee on Capital Markets, today released the following statement after the Department of Labor (DOL) announced a new proposed fiduciary rule:

“It’s fiduciary rule Groundhog Day at the Department of Labor.  Federal courts rejected the 2016 final rule from DOL, and today the Biden Labor Department has shamelessly tried rebranding that prior failure in an effort that will only raise costs for Main Street investors and make it harder for Americans to save for their future.  The facts are clear - the current regulatory framework ensures investment professionals are working in the best interests of their clients. States and regulatory bodies have already adopted best practices that protect consumers, and the Securities and Exchange Commission’s rules are working to benefit investors.  This new proposal will only disrupt the client-advisor relationship, reducing investment opportunities available to the public, and cause more investor confusion.  The bottom line is that today’s announcement will make investing more expensive, taking money out of the pockets of hardworking Missourians who are just trying to responsibly invest for retirement or even their children’s future.”