The House late Thursday passed H.J. Res. 88, the bill introduced by GOP lawmakers under the Congressional Review Act that would block the Department of Labor’s fiduciary rule.
House Speaker Paul Ryan said after the 234-183 vote in favor of the Protecting Access to Affordable Retirement Advice, that “bureaucrats in Washington, D.C. have no business getting between you and your financial planner. But that’s what the Obama administration’s fiduciary rule does.”
Ryan, R-Wis., who has come out against DOL’s rule in tweets and statements, argued like other GOP lawmakers that the rule is “Obamacare for financial planning,” That’s why, Ryan continued, “the House has exercised its powers under the Congressional Review Act to reject the administration’s onerous rule.”
Rep. Ann Wagner, R-Mo., who co-sponsored the resolution along with Reps. Phil Roe, R-Tenn. and Charles Boustany, R-Lousiana, applauded the House passage of the resolution and reiterated Ryan’s claim that DOL’s fiduciary rule “is Obamacare for your retirement savings, only hurting those it claims to protect: low- and middle-income families who are looking to responsibly save for retirement in the midst of a savings crisis.”
She thanked her colleagues for coming together “to put a stop to this misguided rule that is the epitome of a top-down, Washington-knows-best power grab.”
Wagner said the 1,000 page rule “would ultimately create two classes of investors: those who can afford help in saving for retirement and those who cannot.”
She added that she looked forward to the Senate acting on the resolution “and sending it to the President’s desk.”