Statement from Hensarling and Wagner on President Trump’s Action to Delay Harmful Fiduciary Rule
Washington,
February 3, 2017 -
Financial Services Committee Chairman Jeb Hensarling (R-TX) and Oversight and Investigations Subcommittee Chairman Ann Wagner (R-MO), who were with President Trump today at the White House, made the following comments regarding the President’s executive action on the Obama Administration’s harmful fiduciary rule:
Chairman Hensarling: “I was proud to stand next to President Trump in the Oval Office today as he signed two important executive actions that represent the beginning of the end of the Dodd-Frank mistake and the start of a new day that will bring more freedom and economic opportunity to all Americans.
“No unaccountable Washington bureaucrats should get in the way of hardworking Americans and their ability to make financial decisions that work best for their families. Republicans want to empower Americans to make their own financial decisions, but the Obama administration’s so-called fiduciary rule instead empowered unelected, unaccountable bureaucrats. That means costs will go up and choices will go down – just like with Obamacare. Republicans believe if you like your retirement planner, you should be able to keep your retirement planner. If you like your financial adviser, you should be able to keep your financial adviser.
Chairman Wagner: “Today is a great day for low- and middle-income American families. I applaud President Trump’s executive order to delay the Department of Labor Fiduciary Rule, listening to the concerns of everyday Americans and protecting their ability to access retirement investment advice. This delay will allow the Administration to potentially repeal the rule entirely, and within this time, I will continue working toward a permanent solution in Congress through legislation to help preserve investment choice, access and affordability while ensuring all families are receiving investment advice that is truly in their best interest.”
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