Another proposal from Senator James Lankford’s “Federal Fumbles” report passed through the Senate on Tuesday. H.J. Res. 88 disapproves a fiduciary rule created by the Department of Labor concerning retirement investment advice.
Lankford’s report called the rule burdensome regulation which could prevent some families from getting advice on their IRAs and other retirement investments.
“If the Administration really wants to reduce retirement savings for middle-class Americans, their fiduciary rule is a perfect plan,” said Lankford. “The Department of Labor fiduciary rule is a poorly conceived regulation that will ultimately discourage savings and investment. We should be careful not to over-regulate investment advice because it could limit access to sound retirement counsel for low and middle-income Americans. The Securities and Exchange Commission already regulates this area. They should remain the lead agency for oversight.”
The Department of Labor finalized the rule in April. It expands the control of retirement advice covered by the Employee Retirement Income Security Act of 1974.
