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Wagner Statement on Federal Court Tossing Out Obama-era DOL Rule

Mar 16, 2018
Press Release

WASHINGTON - Congresswoman Ann Wagner (MO-02) released the following statement after a federal court tossed out the Obama-era Department of Labor (DOL) fiduciary rule:

“Yesterday’s ruling reaffirms what I have always said, the Department of Labor (DOL) fiduciary rule was an ill-advised, top-down assault on local financial advisers and broker-dealers.  This Obama-era attempt to regulate virtually every aspect of the financial sector cost tens of thousands of jobs, increased prices for consumers seeking financial guidance, and limited choices and options in the marketplace. The Securities and Exchange Commission is the rightful regulator of the fiduciary rule and must fill that role in a way that protects consumers from bad actors, while allowing hard-working Americans access to affordable, sound financial advice to prepare for the future.”