Wagner Secures Victory in Department of Labor Fiduciary Final Rule
Washington, D.C. – Congresswoman Ann Wagner (R-MO) released the following statement after the Department of Labor (DOL) announced the Fiduciary Final Rule entitled Prohibited Transaction Exemption 2020-02, Improving Investment Advice for Workers and Retirees:
“I welcome this news that will help American families looking for sound and transparent financial advice. I am proud to have played a part in this big win for Main Street investors and retirees and will continue advocating for their needs in Congress.
“Since first being elected, I have advocated for a standard of conduct for broker-dealers and investment advisers that protects investors while maintaining their access to the financial products they need to achieve retirement security. Under the Obama Administration, the Department of Labor (DOL) proceeded with a misguided fiduciary rule that would have negatively impacted low and middle-income Americans who are saving for retirement. I fought for years against the investor rule, and introduced legislation that passed the House twice to repeal it.
“The Trump Administration’s DOL, in close coordination with the Securities and Exchange Commission (SEC), has completed our common goal of establishing a fiduciary framework that minimizes complexity and confusion for investors, and avoids placing costly, burdensome requirements on industry and the retail investors it serves. Most importantly, it maintains investment choice, access, and affordability that America’s Main Street investors deserve.”