Patrick McHenryChairman

Washington, September 10, 2015 - WASHINGTON – Financial Services Committee Chairman Jeb Hensarling (R-TX) today issued the following statement about the Department of Labor’s proposed regulation that will raise the cost of retirement, especially for millions of lower and middle income Americans.  Republicans and Democrats expressed objections to the controversial regulatory proposal at a joint Financial Services subcommittee hearing today:

Millions of American families investing for retirement rely on financial advisors to provide them with guidance and assurance, especially during market downturns and volatile times like we have recently seen.  Without advice from financial advisors, tens of billions of dollars in retirement savings could be lost, putting families’ financial independence and quality of life at risk.
 
Unfortunately, the Department of Labor’s proposed regulation will make that advice either unavailable or unaffordable for millions of hardworking American families, particularly those with lower and moderate incomes who are struggling in this economy to save for retirement.  

Today’s hearing illustrated that this regulation will ultimately jeopardize the ability of families to achieve their goals of financial independence and retirement security.   

Just as Obamacare put Washington in control of your health care, the Obama Administration now wants to put Washington in control of your retirement planning.  It wants Washington bureaucrats to decide which retirement product is best for you and which payment option is best for you.  If you have to pay more as a result, then so be it the Administration says.

Instead of helping hardworking Americans gain access to affordable and sound financial advice, the Obama Administration is creating more top-down Washington red tape that will hurt the very people it claims to protect:  lower and moderate income Americans.

Rep. Ann Wagner is leading the charge to protect the retirement security and investment choices for all Americans.  Her bill will stop this misguided rule and require the Department of Labor to defer to the Securities and Exchange Commission’s expertise on these issues.  By advancing her bill, H.R. 1090, the Committee will provide Americans with more choices and greater freedom to save for their future.  

We will stand with lower and middle income savers and prevent government bureaucrats from denying them access to reliable and affordable retirement saving options.

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