Late Thursday, Senator Roy Blunt, R-Mo., introduced the Retail Investor Protection Act, companion legislation to Rep. Ann Wagner’s bill, to stop the Department of Labor from moving forward on its rule to change the definition of fiduciary on retirement advice.
The bill is co-sponsored by Sens. Mike Crapo, R-Idaho; Steve Daines, R-Mont.; Johnny Isakson, R-Ga.; Mark Kirk, R-Ill. and Shelley Moore Capito, R-W.Va.
DOL’s “proposed regulation on retirement account investments will increase costs, reduce access to advice and services, limit options and lead to lower retirement savings for millions of Americans,” Blunt said in introducing the bill.
DOL’s rule “is an ‘ill-advised’ regulation” that “interjects the federal bureaucracy between Missouri families planning for retirement and the experts they’re counting on for financial information, to the detriment of both,” added Blunt.
Wagner, a Missouri Republican whose bill passed the House of Representatives in October, “has already taken action to rein in the DOL and protect Missouri families, and I urge my Senate colleagues to do the same,” Blunt said.