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Hudson Votes to Block Fiduciary Rule

04/28/16
FOR IMMEDIATE RELEASE
April 28, 2016  
 
Hudson Votes to Block Fiduciary Rule
 
WASHINGTON, D.C. – Today, U.S. Representative Richard Hudson (NC-08) released the following statement after voting to block the Department of Labor’s harmful fiduciary rule:
 
“Washington bureaucrats have released yet another one-size-fits-all mandate—this time hurting individuals and families who need financial advice. Not only will the fiduciary rule create more paperwork and requirements for financial planners, it will also mean higher costs and less options for hardworking Americans who are trying to plan for their futures.”
 
The House passed H.J. Res. 88 to disapprove and nullify the rule issued by the Department of Labor on April 6, 2016 which amended the definition of “fiduciary” under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code. This expanded definition would decrease lower and middle income Americans’ access to affordable investments.
 
Rep. Hudson also cosponsored the Retail Investor Protection Act, which passed the House with a bipartisan majority in October 2015. This legislation would halt the fiduciary rule until the Securities and Exchange Commission issues its own expected proposal on investment advice. 
 
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