“Echoing an idea he advanced last week at a retirement industry symposium, Rep. Peter Roskam, R-Illinois, suggested the Department of Labor’s proposed fiduciary rule is part of the Obama Administration’s larger effort to force control of the country’s retirement savings into the hands of government.
“The Administration’s own regulations, as well as public comments, have made it clear that they don’t want Americans to have control over how much to invest, which investments to choose, and when to draw down their accounts in retirement,” said Roskam in opening remarks at today’s House Ways and Means Oversight subcommittee hearing on the fiduciary rule.”
“Proponents of the DOL’s proposed rule claim Rep. Wagner’s bill amounts to nothing more than a Wall Street-backed red herring designed to obstruct finalizing a rule that is based on five years of industry input.
“The bill being considered today is a charade that looks reasonable, but is really just Wall Street’s latest attempt to kill a long overdue, modest, and sensible rule proposed by DOL to protect Americans saving for retirement,” said Dennis Kelleher, President and CEO of Better Markets, and advocacy for financial market reform and a strong supporter of the DOL’s proposal.”
Read the full Benefits Pro article by Nick Thornton here.