Washington, D.C. – Last week, Congressman Tom Emmer (MN-06) participated in a hearing with the Subcommittee on Capital Markets, Securities and Investment to discuss the impact of the Department of Labor’s Fiduciary Rule.
“The Obama Administration enacted thousands of pages of regulations that led to uncertainty and lack of clarity for industries across the country, and sometimes harming the very Americans they were meant to protect,” said Emmer. “One example is the Department of Labor’s Fiduciary Rule. As one of the witnesses stated, as a direct result of the Fiduciary Rule, there has been a disruption across the financial industry with the ability to serve their clients. With the Trump Administration, we have an opportunity to return certainty to an industry that helps middle-class Americans plan and save for retirement. It is crucial we work to address this flawed rule and I am pleased Chairman Huizenga brought this issue before our subcommittee to do just that.
Finalized on April 8, 2016, the Department of Labor’s “Fiduciary Rule” is one of the most expensive, non-environmental rules issued by the federal government in more than a decade. While well intended, concerns have been raised that the sweeping nature of the 1,023 page rule could lead to thousands of Americans losing access to sound investment and retirement advice. For key takeaways and quotes from witnesses, please read a statement from the subcommittee here.
Congressman Emmer represents Minnesota’s Sixth Congressional District and serves on the House Financial Services Committee.