New Democrats Welcome Review of Fiduciary Rule

Washington, D.C. - Today, leaders of the New Democrat Coalition, led by Congressman Joseph Crowley (NY-7), released the following statement upon the announcement that the Department of Labor (DOL) plans to re-propose its rule defining a fiduciary duty for the purposes of investment advice:

“We are encouraged by the announcement that the Department of Labor is taking a second look at the proposed rule on fiduciary duty. As originally proposed, this rule would have created uncertainty for millions of Americans trying to save for retirement.  During these tough economic times, we must ensure all Americans have access to critical advice to make smart financial decisions to grow and protect their nest eggs. 

“Under the leadership of Representatives Rush Holt and Carolyn McCarthy as well as the New Dem Financial Services Task Force, led by Representatives Gary Peters and Jim Himes, the New Democrats joined House and Senate colleagues from both sides of the aisle in calling on the Department of Labor to review this rule and we are pleased that the Administration has followed our recommendation.  We hope to continue this discussion to ensure consumers are protected and all Americans have access to financial information to make the best investment decisions.”    

Earlier this year, 29 New Democrats sent a letter urging DOL to review the ruling and re-propose to avoid the unintended result of cutting off access to valuable financial advice and guidance. 

Statement supported by New Democrat Coalition Chair Representative Joseph Crowley (NY-07), and Vice-Chairs Representative Jim Himes (CT-4), Representative Ron Kind (WI-3), Representative Rick Larsen (WA-2), and Representative Allyson Schwartz (PA-13).

The New Democrat Coalition is a Coalition of 42 members of the U.S. House of Representatives who are dedicated to the prosperity and security of American families and business.  Founded in 1997, the NDC provides Members of Congress with the opportunity to advance a common sense policy agenda focused on empowering the U.S. to grow economically and maintain a vibrant job market, preserving the U.S. standing as the world's leader in innovation and technological advancement, and strengthening our economic and national security.  For more information, visit the New Dems website at http://ndc.crowley.house.gov .

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