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WASHINGTON – Congressman Robert Pittenger (NC-09) had this statement on President Trump’s Executive Order to delay implementation of the Obama Labor Department’s illogical “fiduciary rule.”

“We should do everything possible to help hardworking American families make smart decisions for retirement. Unfortunately, President Obama believed that involving bureaucrats from the Department of Labor, reducing access to financial planners, and increasing costs was the answer,” said Congressman Pittenger.

“Today, President Trump made a wise decision to delay the Obama Administration’s fiduciary rule, allowing time to study unintended consequences and work toward a permanent solution with Congress.”

Last year, Congressman Pittenger helped pass the Protecting Access to Affordable Retirement Advice Act (H.J. Res. 88) to invoke the Congressional Review Act to block the Department of Labor’s fiduciary rule from taking effect. President Obama vetoed this legislation on June 22nd.

Today, President Trump also detailed his core principles for regulating the financial system, which closely mirrors the Financial CHOICE Act legislation championed by Congressman Pittenger:

“Dodd-Frank has been Obamacare for the financial system, causing significant harm to community banks and leading to fewer new businesses and fewer good paying jobs. In North Carolina alone, we’ve lost 40 percent of our banks over the past seven years.

“The Financial CHOICE Act and President Trump’s executive order will hold Wall Street and Washington accountable while allowing small businesses and community banks to thrive.”

Congressman Pittenger serves on the House Financial Services Committee, where he focuses on supporting small businesses, community banks, and credit unions.