Wagner: DOL Fiduciary Rule Harms Those it Claims to Protect

For Immediate Release

Contact: Meghan Burris | (202) 225-1621

BALLWIN, MO – Today, Congresswoman Ann Wagner (R-MO-02) released the following statement after the Department of Labor (DOL) issued the final version of its fiduciary rule:

“Today, the Department of Labor (DOL) finalized its fiduciary rule that will only hurt those it claims to protect, jeopardizing the ability for millions of low- and middle-income Americans to receive sound investment advice. During a time when we are already facing a savings crisis in this country, this misguided rule will only raise costs, limit choices, and restrict access for Missouri families as they save for retirement. This is why I sponsored, and the House passed, the Retail Investor Protection Act (RIPA), bipartisan legislation that would require the SEC to take the lead on crafting such a regulation, not the DOL.

“I am working closely with House Leadership and members of the Education and Workforce Committee on using the Congressional Review Act (CRA) to stop this ill-advised rule. Rest assured, I remain committed to fighting for, and protecting, American families’ right to choose how they invest in and plan for their future.”