WASHINGTON, D.C. – Today, Rep. Phil Roe, M.D. (R-TN) released the following statement after the House passed H.J.Res. 88, his bill to use the Congressional Review Act to block the Department of Labor’s controversial Fiduciary Rule:
“I am proud the House passed my bill to block the Department of Labor’s controversial Fiduciary Rule. Since the Department first proposed expanding the definition of fiduciary back in 2010, I have raised concerns about their approach. While we can all agree that financial advisors should serve their clients’ best interests, the Department has created an unnecessarily complicated rule that has almost as many pages as a dictionary.
“Throughout the rulemaking process, we have engaged with the Department through letters, hearings and meetings, even going so far as to introduce a substantive, bipartisan alternative to improve protections for investors. Unfortunately, reasoning with the Department has not worked, which is why I introduced this resolution to block this rule using Congressional Review Act. This resolution will allow Americans to receive the kind of retirement advice they need, and I thank Representative Wagner and Dr. Boustany for their support of this important effort.”