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WASHINGTON – Congressman Robert Pittenger and the U.S. House of Representatives today voted to block President Obama’s controversial “fiduciary” rule, which bipartisan experts had warned would lead to higher costs and less access for retirement and financial planning services.

“Who thinks bureaucrats at the Department of Labor are a good source for retirement planning advice?” asked Congressman Pittenger (NC-09).  “Congress already designated the independent Securities and Exchange Commission to regulate financial planners.  That’s an agency actually involved in finance.  The Department of Labor is responsible for workplace safety.  President Obama’s attempt to regulate financial planners through the Department of Labor just makes no sense, which is why Congress today just said no.”

The Department of Labor’s “fiduciary” rule, which was finalized in April and scheduled to take effect next year, included unnecessary regulations which experts warned would increase costs and reduce options for financial planning services, making it harder for low and middle income families to receive professional advice on retirement planning, saving for college, or starting their own business.  The Securities and Exchange Commission had also warned the Department of Labor rule could conflict with SEC rules, creating confusion. 

Protecting Access to Affordable Retirement Advice (H.J. Res. 88), which passed the U.S. House of Representatives by a vote of 234-183, invokes the Congressional Review Act to block the Department of Labor’s fiduciary rule from taking effect.