Press Releases

Yesterday, a federal court vacated the 2024 Biden Administration Department of Labor's (DOL) 'Retirement Security Rule,' also known as the 'Fiduciary Rule.' This disastrous rule redefined when a financial services provider would become subject to regulation as a fiduciary under the Employee Retirement Income Security Act (ERISA), which will eliminate options for working-class Americans, reduce their ability to retire, and limit their access to financial advice by imposing significant regulatory burdens and litigation risks.

Following the ruling, Congressman Rick W. Allen (GA-12), Chairman of the Health, Employment, Labor, and Pensions Subcommittee, issued the statement below:

"From the outset, when President Biden's DOL proposed their overreaching fiduciary rule, I have consistently sounded the alarm on its negative impacts. By muddying the waters with overregulation, the previous administration undoubtedly did more harm than good—garnering bipartisan, bicameral opposition. This federal court ruling is a win for retirees, savers, and working families seeking sound financial advice and a prosperous retirement. I look forward to working with President Trump's DOL on a commonsense proposal that works for all consumers and families." 

BACKGROUND: In 2024, Congressman Allen and Senator Ted Budd (R-NC) introduced H. J. Res 142, a Congressional Review Act (CRA) Joint Resolution of Disapproval to overturn the Biden Department of Labor’s (DOL) finalized fiduciary rule, which was later advanced by the  Education and Workforce Committee. Under current ERISA laws, a fiduciary is a person who is already required to provide investment advice "solely in the interest of the participants and beneficiaries."