Rep. Rick Allen Votes to Reduce Regulatory Overreach, Protects Millions of Americans from Reduced Access to Retirement Advice
U.S. Congressman Rick Allen (R-Ga.-12) today supported the Retail Investor Protection Act, which blocks the Department of Labor’s proposed fiduciary rule. Specifically, H.R. 1090 prohibits the Secretary of Labor from finalizing the rule until the Securities and Exchange Commission (SEC) issues a final rule regarding the fiduciary standard, and requires the SEC to submit a report to Congress considering alternatives.
This legislation passed the House with bipartisan support on October 27, 2015 by a vote of 245-186, and now goes to the Senate for passage. Congressman Allen issued the following statement after the House passed the bill earlier today:
“In a time when fiscal responsibility and retirement planning is of the utmost importance, this Administration is making it harder for Americans to receive financial advice to plan for the future. The 1,000 page fiduciary rule raises costs and reduces access to financial advice for Americans with low and moderate incomes as well as small businesses. By requiring financial advisors to adhere to a strict, burdensome, and unworkable regulation, retirement advice will no longer be available to those in most need of retirement security.
After questioning the Secretary of Labor on this proposed rule, I remain unconvinced that further regulation will help our taxpayers seeking financial advice or eliminate bad actors. I came to Washington to fight regulatory overreach by unelected bureaucrats in government agencies, and the fiduciary rule is a prime example of how the President’s red tape would hurt the people he is claiming to help. The Retail Investor Protection Act will help protect the millions of hardworking taxpayers who rely on financial advisors to assist in planning for their future, and fight this President who wants to send more folks to the government trough.”
Allen questioned the Secretary of Labor in the “Restricting Access to Financial Advice: Evaluating the Costs and Consequences for Working Families and Retirees” hearing for the House Education and Workforce Subcommittee on Health, Employment, Labor, and Pensions. Video of his questioning can be found here: https://youtu.be/xv8J8zSBJqA?t=1h33m48sAllen also urged his colleagues to vote in favor of this legislation earlier today. Video of his remarks can be found here: https://youtu.be/TwlImsrvEI8.
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