Press Releases

U.S. Congressman Rick Allen (R-Ga.-12) released the following statement after the Fifth Circuit Court of Appeals vacated the Department of Labor’s (DOL) fiduciary rule, an Obama-era regulation that made it more difficult for financial advisors to provide clients with quality, affordable financial advice.

“I believe saving for retirement is crucial for American families, and access to professional financial advice should not be hindered by burdensome overregulation. Unfortunately, the Obama-era fiduciary rule would have done more harm than good to the very people it was claiming to protect.  I am thankful that the Fifth Circuit Court took meaningful action to vacate this rule once and for all. Vacating the fiduciary rule helps ensure that all Americans have access to quality, affordable financial advice.”

Congressman Allen has been strongly opposed to the DOL’s fiduciary rule during his tenure in Congress. As a member of the House Education and Workforce Committee, the committee of jurisdiction, he supported and cosponsored H.R. 2823, the Affordable Retirement Advice for Savers Act, which would repeal the fiduciary rule and require retirement advisors to serve the best interests of their clients.