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.
Here are two of the most devastating regulations, this time from the Department of Labor (DOL): the fiduciary rule and the overtime rule. These are two heavy-handed rules that actually hurt the very people they claim to protect.
Bureaucrats in Washington, D.C. have no business getting between you and your financial planner. But thatâ€™s what the Obama administrationâ€™s fiduciary rule does. Itâ€™s Obamacare for financial planning. Thatâ€™s why the House has rejected the onerous rule under the Congressional Review Act.
"Saving for the future is daunting enough without Washington trying to make it harder. Thatâ€™s why House Republicans, led by Phil Roe, Peter Roskam, and Ann Wagner, have held the Obama administration accountable throughout the fiduciary rule process. While it is clear that public and congressional scrutiny are making a difference, we will continue to look at every avenue to protect middle-class families and small businesses from government overreach."