Rep. Wagner Statement on Labor Fiduciary Rule

Statement

Congresswoman Ann Wagner (R-MO) released the following statement regarding the proposed fiduciary rule from the Department of Labor issued today.

"Today's proposed rule from the Department of Labor potentially harms the very people that it claims to protect: low- and moderate-income Americans seeking advice for investing for their retirement. It would greatly expand the definition of a fiduciary under ERISA and fails to take into account the vast regulatory structure already in place," Rep. Wagner said. "While OMB typically reviews Labor rules for an average of 117 days, this was pushed through without a full review process in just 50 days. We believe that the SEC should go first in regulating this space, and we hope that Democrats who have supported that position previously continue to do so."

"This ill-advised, top-down assault on local financial advisers and broker-dealers is typical of President Obama and Sen. Elizabeth Warren. Instead of allowing hard-working Americans access to affordable, sound financial advice to prepare for the future, they have created a solution in search of a problem to further hurt the middle class," she continued.

Rep. Wagner is a member of the House Financial Services Committee. In February, she introduced the Retail Investor Protection Act to counter the proposed rule.

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