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Obama Fiduciary Rule Will Crush Middle Class Savers
05/05/2016 at 07:55 am - Alexander Hendrie


Alexander Hendrie is the Federal Affairs Manager at Americans for Tax Reform, this post originally appeared on ATR.org

Last month, the Obama Department of Labor released the final version of the fiduciary rule, a regulation spanning more than a thousand pages that will curtail the ability of financial advisors to give advice to IRA and 401(k) holders. Supporters of the rule claim it is necessary to ensure savers receive the best possible advice, however the final product is so complex and burdensome that millions will inevitably be locked out from receiving the guidance they need. Through this regulation, the federal government is essentially moving to exert close control over the retirement saving decisions of Americans across the country. In response to this encroachment, the U.S. House of Representatives recently passed a resolution under the Congressional Review Act to block this new rule, led by Congressmen Rep. Phil Roe (R-Tenn.), by Rep. Charles Boustany (R-La.) and Rep. Ann Wagner (R-Mo.).

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