Congressman Robert Hurt (R-Virginia) released the following statement after voting in favor of the Retail Investor Protection Act, which would require the Department of Labor (DOL) to defer to the expertise of the Securities and Exchange Commission (SEC) rather than apply its own proposed fiduciary rule:
“The Department of Labor’s 1,000 page proposed rule will harm investors by diminishing their access to financial advice, reducing consumer choice, and increasing costs for folks looking to save for their retirement. This proposal will undoubtedly make it more difficult for hardworking Americans, especially folks who are starting to save or who have lower account balances to save for retirement, yet the DOL seems to be ignoring that urgent message expressed by both savers and financial advisors.
“In fact, the SEC, not the DOL, is designated by Congress to oversee and regulate the conduct of those who provide investment advice. We should allow for the SEC to propose a course of action and debate it on its merits. This bill will require that the DOL defer to the SEC. I am proud to support this bill and pleased to see it pass the House with bipartisan support today. It is my hope that the Senate and the President will work with us to ensure that hardworking Americans will have the ability and freedom to properly plan for their futures.”
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Chris Graham
