PEORIA, IL— Rep. Darin LaHood reacted to the Department of Labor’s new Fiduciary Rule, finalized today, which reclassifies and expands the scope of individuals that are considered “financial advisers” for purposes of Federal regulation— subjecting more people to even more stringent regulations. Rep. LaHood released the following statement:
“The Department of Labor’s Fiduciary rule is the newest example of executive overreach circumventing Congress. By reclassifying these services and placing them under the management of the Department of Labor, this Government mandate will transform the financial management industry, and it will ultimately hurt seniors and hardworking Americans trying to save for retirement. Although touted as protecting the consumer, this rule will diminish the kinds of services that are provided to low and middle income families. This rule allows an unelected bureaucracy to step between individuals and their financial advisors without Congressional approval. Much like using a sledgehammer to kill a flea, this forced sweeping overhaul is unmerited, unnecessary, and unproductive.”
Congress has taken several steps to thwart the implementation of this rule, and will continue to work to rein in Department of Labor and oppose the Fiduciary Rule from going into effect.
