Wagner Slams Department of Labor Fiduciary Rule, Vows to Protect Retail Investors

Washington, D.C. – Congresswoman Ann Wagner (R-MO), Chair of the Financial Services Subcommittee on Capital Markets, released the following statement after the Department of Labor released the new Fiduciary Rule:

“Disguised as an attempt to eliminate so called ‘junk fees,’ the Biden Administration’s rushed rulemaking will leave millions of low-and middle-income retail investors without access to sound investment advice, forcing them to endure higher costs, fewer choices, and reduced service. This reckless decision is yet another overreaching mandate from Joe Biden’s Department of Labor that does nothing to actually protect consumers, but instead prevents them from making the best choice for their families.  Joe Biden needs to stop treating people like children and making decisions for them. I am a firm believer Americans know what’s best for themselves, not the government.

“The Department of Labor has yet again gone outside of its authority and unconstitutionally made itself the sole regulator of $26 trillion in American retirement funds. While I expect this rule to be challenged in court, it’s time for Congress to act and stand up for American families that want nothing more than to save for their future. I look forward to working with my colleagues in overturning this disastrous rulemaking.”