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BY: Bill McMorris
Congressional Republicans are asking newly minted Labor Secretary Alexander Acosta to roll back one of the Obama administration's most controversial regulations.
Rep - Phil - Roe - R - Tenn
Rep. Phil Roe (R., Tenn.), a member of the House Committee on Education and the Workforce, sent a letter to Acosta on Tuesday asking him to end the department's proposed Fiduciary Rule, which would allow regulators to oversee the actions of retirement advisers. Opponents of the regulation argue it will drive up the costs of maintaining advisers for smaller investors.
"One of the primary concerns that our oversight exposed is that financial advisers would be forced to move from commission-based advisory accounts to fee-based advisory accounts, and that advisers would be unlikely to afford to continue providing advice to small, fee-based accounts," the letter, signed by Roe and 123 other U.S. representatives, stated. "We strongly urge you to delay this rule in its entirety."
Labor - Department - Rule - Leadership - Then-Labor
The Labor Department adopted the rule in 2016 under the leadership of then-Labor Secretary Tom Perez, who now leads the Democratic Party. Perez hailed the rule as "historic" in an exit memo posted to the White House website in the closing days of the Obama administration. He said the rule was designed to protect consumers from financial advisers who steer them toward trades or investments that come with more lucrative fees.
"In 2016, the Department took a historic step to protect the savings of America’s workers—the conflict of interest rule makes sure that professionals providing retirement investment advice have to give advice that’s in the best interest of their clients and not divert their clients’ hard-earned income into their own pockets through hidden...
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