WASHINGTON, DC— During debate on the House Floor this week, Rep. Darin LaHood argued in favor of H.J. Res. 88, a joint resolution to block the U.S. Department of Labor’s “Fiduciary Rule” from going into effect. Finalized on April 8th, the Fiduciary Rule 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. If signed into law, this resolution of Congressional Disapproval would nullify the Fiduciary Rule, preventing it from going into effect.
Rep. LaHood stated, “The Fiduciary Rule would drastically narrow the access that hardworking Americans have to retirement advice, hurting middle and working class families. It would be especially devastating back home in my district, where various financial service firms and their agents, such as State Farm, offer services and products to help low and moderate income investors make the best decisions about their finances. This is a 1,000 page government regulation to define one word, and the impact is just as outrageous. It will only raise compliance costs, limit the advice that companies can provide to their own employees, and penalize small businesses who want to provide their employees with a 401(k) plan. The Obama Administration needs to stop choking the U.S. economy.”
H.J. Res. 88 passed out of the House with a vote of 234—183. The measure will now be sent to the Senate for consideration.
To view Rep. Darin LaHood’s debate on the House Floor, click HERE.
