Rep. Barry Loudermilk (R-GA) has issued the following statement on today’s release of the U.S. Department of Labor’s fiduciary rule:
“Today, the U.S. Secretary of Labor joined with liberal Democrats to release the highly controversial fiduciary rule, which would be devastating to consumers and retirement planners nationwide. This rule, which has been in development for many years, was withdrawn in 2010 because of an outpouring of opposition; unfortunately, this year’s rule is no better.
“After meeting with consumers and retirement planners throughout my district, I know that the implementation of this rule will result in enormous compliance costs, which would be passed on to consumers in need of retirement advice. To make matters worse, this rule will force retirement advisors to cut their staff, and will result in certain types of retirement advice being virtually eliminated as an option for many of Americans who are already struggling financially. It is time for the administration to stop its ideological crusade against the free market economy, and put the needs of the people first.
“Last year, I co-sponsored and worked to pass the Retail Investor Protection Act to restrict the administration’s ability to finalize this rule, and I hope the Senate will quickly pass this critically important bill. I am doing everything I can to stop the fiduciary rule from being enforced, and I have already taken action by urging my colleagues in control of Labor Department funding to allow no taxpayer dollars to be used to implement this burdensome regulation. We cannot stand by when the administration is regulating our businesses into the ground, especially when it will have such a crushing impact on consumers throughout Georgia. At a time when every citizen is born owing $60,000 in government debt, we must make it easier, not harder, for every American to save for retirement.”