U.S. Representative Jackie Walorski (R-Ind.) Friday applauded President Trump’s executive order to revise or rescind the “fiduciary rule,” an Obama administration regulation that would limit consumer access to retirement advice.
“Hoosier families often turn to a local financial advisor to help them invest in the future and plan for retirement, but a misguided Obama administration rule would limit their options,” Congresswoman Walorski said. “I applaud President Trump for delaying this harmful regulation and look forward to working with the administration to put consumers first.”
BACKGROUND
The Obama administration regulation known as the “fiduciary rule” would impose burdensome restrictions on financial advisors and limit access to quality retirement planning advice, especially for low- and middle-income families. The rule is set to take effect in April. President Trump today signed an executive order directing the Department of Labor to revise or rescind the rule.
Congresswoman Walorski has backed efforts to block and reform the regulation in order to preserve consumer access to retirement advice. In the 114th Congress, she supported the Retail Investor Protection Act (H.R. 1090), which would have blocked the rule from taking effect.
Walorski represents the 2nd Congressional District of Indiana, serving as a member of the House Ways and Means Committee.
