As a member of my Small Business Advisory Committee, I wanted you to be among the first to hear the news: This week the House passed H.J.Res. 88, a resolution using Congress’s power under the Congressional Review Act to nullify the Department of Labor’s harmful new fiduciary rule. This rule would broaden the definition of “fiduciary” to put more financial advisors and types of financial planning services under the government’s control.
Under the new rule, providing basic information about retirement planning will be severely restricted and Americans could lose access to the financial advisors they know and trust. Ultimately, the rule could increase retirement savings costs for low-income and middle-class Americans, the very people it claims to protect.
The government should not impose a “one-size-fits-all” approach to retirement saving that impedes Tennesseans’ access to financial planning. That is why the House already voted last year with my support to delay this rule, and took this critical action just yesterday to formally reject it altogether, ensuring that we can preserve access to affordable investment options.
Regulations like this put a wet blanket on our economy. You know, as I do, that Americans deserve the opportunity to plan for their future and save for their retirement without federal government intervention each step of the way. I hope the Senate will follow the House’s lead and pass this measure to keep Washington bureaucrats out of your financial planning
