WASHINGTON, D.C. --- Congressman Leonard Lance (NJ-07) spoke on the House Floor today in opposition to the Department of Labor's recently-finalized fiduciary rule. The House then passed H. J. Res. 88, a motion of disapproval of the rule.
Lance called the Administration’s action, “the most recent effort by the executive branch to bypass Congress and the American People and enact controversial policy by fiat.”
“The controversial rules proposed by the Department of Labor empower unelected, unaccountable bureaucrats to gain significant control over Americans' retirement choices by imposing burdensome new disclosures and requirements on financial advisors,” Lance said after passage of the resolution. “These new regulations will generate nearly 57,000 paperwork hours and cost Americans more than $75 billion in duplicative fees.”
Bipartisan legislation already advancing in the House protects access to affordable retirement advice making the Department of Labor rule unneeded.