Patrick McHenryChairman

Washington, March 16, 2018 -

House Financial Services Committee Chairman Jeb Hensarling (R-TX) released the following statement in response to the decision by the Fifth Circuit Court of Appeals in Chamber of Commerce of the USA, et. al vs. US Department of Labor, vacating the Fiduciary Rule.

“Yesterday was a good day for hardworking Americans – especially low and moderate income Americans who rely upon investment advice – who are trying to plan their retirements and save for the future. The flawed DOL fiduciary rule is the epitome of regulatory overreach that would harm the very people it’s allegedly intended to help.

“It is vital that we preserve access, choice and affordability for retirement planners, and in doing so, empower these hard-working Americans to make financial decisions that work best for their families. I look forward to continuing to work with Members of Congress – like Representative Ann Wagner, who has been a leader on this issue – to enact a clear and workable standard that empowers Americans with their own futures, as opposed to unelected, unaccountable bureaucrats.”