Wagner Leads Amicus Brief Challenging the Biden Department of Labor’s Harmful Fiduciary Rule

Washington, D.C. – Congresswoman Ann Wagner (R-MO), Chair of the Financial Services Subcommittee on Capital Markets, released the following statement after she submitted an amicus brief supporting the American Council of Life Insurers, the Financial Services Institute, and the Federation of Americans for Consumer Choice in their case before the Fifth Circuit Court challenging the Biden Department of Labor’s 2023 Fiduciary Rule:

“As Chair of the Capital Markets Subcommittee, I have made it a priority to ensure families and workers have greater access to quality investment advice so they can responsibly save for their retirement and secure their future.  As part of these efforts, I have fought the Biden Labor Department’s misguided Fiduciary Rule that severely limits access to financial advice for millions of Americans. If implemented, this irresponsible rule would usurp Congress’s authority and undermine the important work we have done over the past five years to support Main Street investors and their families.  People deserve to have robust choices when they are looking to save for retirement, not an artificially constrained market due to an overbearing federal government.  Critically,  this rule lacks the clear congressional authorization it needs for a regulatory change of this magnitude, and the Fifth Circuit should recognize that fact in their ruling.”

Read the full Amicus Brief here.  The 15 cosigners are Reps. Ann Wagner (MO), Andy Barr (KY), Aaron Bean (FL), Buddy Carter (GA), Byron Donalds (FL), Ron Estes (KS), Scott Fitzgerald (WI), Glenn Grothman (WI), Mike Haridopolos (FL), Tracey Mann (KS), Dan Meuser (PA), Andy Ogles (TN), John Rose (TN), Adrian Smith (NE), and Marlin Stutzman (IN).