Congressman Collins: Let Americans Choose How to Save for Retirement

April 28, 2016

Washington, D.C. – Today, the House of Representatives voted to pass H.J. Res. 88, a resolution to disapprove the Department of Labor’s fiduciary rule. Congressman Collins, who managed the rule for previous legislation to halt DOL’s overreach, issued the following statement after the vote:

“The proposed “fiduciary rule” is another example of Washington overregulation that will have far-reaching unintended consequences. The Obama Administration says they are trying to protect consumers, but in reality this rule will drive up costs, limit choices, and make professional financial advice out of reach for many people. This could prevent people from saving for retirement, and make it harder for small businesses to help their employees. I have heard first-hand from my constituents in Northeast Georgia about the negative effects this rule will have on them, and I’m proud to be taking action to stop it and prevent the government from putting up more red tape.”