news

Today, Congressman Bob Latta (R-Bowling Green) voted in support of H.R. 1090, the Retail Investor Protection Act. The legislation requires the Department of Labor (DoL) to defer to the expertise of the Securities and Exchange Commission (SEC), rather than apply their own proposed fiduciary rule.  

“Millions of hardworking men and women rely on financial advisors for their retirement planning. Under the DoL’s proposal, limits are imposed on retirement choices, preventing low and middle-income savers from accessing financial products that fit their needs. This makes saving for retirement harder by eliminating financial advice and education for millions of individuals,” said Latta.

“The SEC is the agency that Congress designated to oversee and regulate the conduct of persons providing investment advice, not the DoL. Further, the bill requires the SEC to submit a report to Congress when considering alternatives outside of a uniform fiduciary standard to reduce any confusion or harm to investors.

This act is a good first step in correcting the proposed rule, and safeguards millions of Americans access to reliable, affordable investment advice and options. I will continue to promote commonsense policies that protect the retirement security and investment choices for all Americans.”