fi·du·ci·a·ry rule [fi-doo-shee-er-ee rool], noun (2016)
: regulation, Department of Labor.
1 : A one-size-fits-all regulation from the Obama administration. 2 : Creates more paperwork and costly recordkeeping requirements for financial planners, restricting access to quality investment advice for upwards of 7 million Americans with IRAs. 3 : Results in higher costs for people seeking financial advice, disproportionately hurting families with smaller bank accounts.
- The Obama administration’s fiduciary rule will hurt millions of hardworking Americans trying to plan for their retirements and save for the future.
- House Republicans, led by Reps. Ann Wagner (R-MO), Phil Roe (R-TN), and Peter Roskam (R-IL), are working to protect families from the harmful fiduciary rule.
- Democrats and Republicans agree that the administration should abandon this proposal and go back to the drawing board.