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House Passes Bill to Protect Access to Affordable Retirement Investment Advice for Americans

Washington, Oct 27 -

The House on Tuesday passed H.R. 1090, the Retail Investor Protection Act, by a vote of 245-186.   

The bill, sponsored by Financial Services Committee member Rep. Ann Wagner (R-MO), would stop the Department of Labor from finalizing its proposed fiduciary rule until the Securities and Exchange Commission (SEC) acts on the issue.

“At one time this Administration told us ‘if you like your doctor you can keep them.’  Now the same Administration is telling us ‘if you like your financial advisor you can keep them.’ The first promise was broken, and now they are in the process of breaking the second promise,” said Chairman Jeb Hensarling (R-TX).

“The fiduciary rule will take away investment advice from hundreds of thousands, if not millions of low and moderate income people all around the nation who rely upon this advice to save for retirement,” Hensarling added.

The Department of Labor’s proposed fiduciary rule would make professional retirement investment advice either unavailable or unaffordable for millions of low and moderate income Americans.  The proposed rule would also limit the right of Americans to choose the financial advisor and the investment products they want.

Despite bipartisan concerns over the Labor Department’s proposed rule, it has failed to sufficiently coordinate with the SEC, which has expertise in regulating financial advisors and products.