Robert Hurt statement on Financial Service Subcommittee hearing on retirement security

Congressman Robert Hurt (R-Virginia) released the following statement after a joint Capital Markets and Government Sponsored Enterprises and Oversight and Investigations subcommittee hearing entitled, “Preserving Retirement Security and Investment Choices for All Americans.”

“As I traveled across Virginia’s Fifth District on our Main Street Tour, I spoke with many constituents about how the government-knows-best mentality is crippling their ability to succeed.  At a time when the American people are struggling in our stagnant economy, the last thing we need is more bureaucratic red-tape.  Unfortunately, this Administration has further applied its government-knows-best strategy through the Department of Labor’s (DOL) new 1,000 page rule, which would fundamentally change the way individuals receive investment advice and plan for their retirement. 

“The DOL’s 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 or more moderate incomes to save for retirement, yet the DOL seems to be ignoring that urgent message expressed by both savers and financial advisors.  For this reason, I joined with a bipartisan group to send a letter to the Secretary of Labor suggesting that this rule be re-proposed to protect those saving for retirement.  I look forward to working with my colleagues on the Financial Services Committee to eliminate excessive regulation and to promote smart governance so Americans will have the ability and choice to properly plan for their futures.”