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Latta Supports Legislation to Stop Burdensome Regulations for Retirement Advice

Washington, April 28, 2016 | Erin Partee (202-225-6405)

Congressman Bob Latta (R-Bowling Green) today voted in favor of H.J. Res. 88, a joint resolution utilizing the Congressional Review Act to disapprove and nullify the U.S. Department of Labor’s final rule relating to the definition of the term “fiduciary” and the conflict of interest rule with respect to retirement investment advice:

“For months, the Department of Labor has worked in secret to put the finishing touches on this rule, which has been referred to as the Obamacare for financial planning. This one-size-fits-all regulation will restrict access to quality investment advice for millions of Americans with IRAs and increase costs for those individuals seeking financial advice,” said Congressman Latta. “Both Republicans and Democrats agree that a standard should be defined to ensure retirement advisors act in their clients’ best interests. Unfortunately, this final rule as it is currently written would result in unintended consequences that will have a negative impact on our economy. I applaud my colleagues for passing this joint resolution and will continue to work with them to offer an alternative standard that would require advisors to serve their clients’ best interests and maintain access to quality financial advice.”

In addition to cosponsoring and supporting H.J. Res. 88, Congressman Latta is also a cosponsor of H.R. 4293, the Affordable Retirement Advice Protection Act, and H.R. 4294, the Strengthening Access to Valuable Education and Retirement Support Act. These two pieces of legislation would amend the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code, respectively, to allow for Congress to review and vote on the Department of Labor’s final rule. If Congress votes to disapprove of the rule, this legislation would then offer an alternative standard to ensure that retirement investors receive advice in their best interests. 

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