Disapproving Department of Labor Rule Related to Definition of the Term ``fiduciary''

Floor Speech

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Mr. WILSON of South Carolina. I thank Chairman Phil Roe for yielding, and I appreciate his leadership on this issue for American families.

Mr. Speaker, I am in strong support of the resolution to disapprove of the Department of Labor's fiduciary rule. This 1,000-page rule is yet another one of the President's burdensome, expensive regulations. Instead of helping American families by expanding access to financial advice, the Department of Labor has overly restricted the definition of a fiduciary and has created new obstacles for small business owners.

In just reading the rule of 1,000 pages, much less picking it up, it is going to cost consumers. This administration's misguided fiduciary rule will make it harder for small businesses to assist their employees in preparing for retirement; it will increase costs; and it will limit choices for those who need the advice most: American families.

In the past months, I have met with business leaders and financial advisers of the highest integrity across the Second Congressional District who share my concerns about the negative impacts of this unworkable regulation, which limits freedom.

Again, I appreciate Chairman Phil Roe's leadership in sponsoring the resolution, and I urge my colleagues to vote in support.

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