Hill: Americans Need More Access to Affordable Retirement Options, Not Less

Statement

Today, the House of Representatives passed H.J. Res. 88, Disapproving the rule submitted by the Department of Labor relating to the definition of the term "Fiduciary." Prior to passage in the House, Congressman French Hill (AR-02), a cosponsor of the resolution, stated:

"While the rule may be well-intended, its effects will lead to higher fees and lack of diversity and choice, limiting access to professional retirement planning and guidance for those who need it the most--low-balance savers.

"I have long believed that the Securities and Exchange Commission--the governing agency with the most expertise--should be taking the lead. The Administration should have insisted on it.

"Instead we are left with a thousand-plus page rule that creates a confusing, bifurcated set of standards for investment advisors, unnecessarily burdening those trying to save for retirement.

"Americans need more access to affordable retirement options, not less. I thank my colleagues for their leadership on this issue, especially Mrs. Wagner, and I urge support for this resolution."

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