WASHINGTON, DC - Ways and Means Committee Ranking Member Richard Neal (D-MA) today released the following statement after President Donald J. Trump ordered the U.S. Department of Labor to review and effectively delay its fiduciary rule that was finalized in April 2016:
“Today’s action by President Trump to prevent the implementation of the fiduciary rule is harmful to consumers. This rule underwent thorough scrutiny for nearly seven years during President Obama’s Administration, as it considered industry and consumer concerns from all sides. Ultimately, this process produced a rule that ensures financial advisers act in their clients’ best interests and provide conflict-free advice, looking out for middle-class families as they save for retirement. The focus should be on getting bad actors out of the marketplace instead of holding the door open for them, as today’s action would do."
