U.S. Representative Ed Royce (R-Calif.), a senior member of the House Foreign Affairs Committee, released the following statement on the Department of Labor’s (DOL) proposed fiduciary duty rule:
“As I review the Administration’s current proposal, I remain concerned that previous iterations of the rule would have limited access to investment advice and education for low-income savers – the very Americans DOL claims it is trying to protect. It’s my hope that the DOL has changed course, but I’m not optimistic. If the Administration insists on applying the failed philosophy of ‘government knows best’ to retirement savings, Congress should intervene to ensure savers can continue to choose how best to plan for their own retirement.”
Rep. Royce is a senior member of the House Financial Services Committee and sits on the Subcommittee on Capital Markets and Government Sponsored Enterprises.
For more information, contact Saat Alety at Saat.Alety@mail.house.gov or (202) 225-4111.
Source:: U.S. Rep. Ed Royce