WASHINGTON—House Speaker Paul Ryan (R-WI) issued the following statement on President Trump’s executive action regarding the Department of Labor’s fiduciary rule:

“President Trump’s action to delay the Obama administration’s fiduciary rule for further study is a wise one. This regulation is deeply flawed. It would significantly raise the cost of seeking financial advice, making it even harder for families to plan their future and save for retirement. It is essentially Obamacare for financial planning. Now we have the chance to study any unintended consequences before it is too late. In today’s economy, people’s access to sound financial advice must be protected.”