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April 28, 2016

ROKITA REJECTS BURDENSOME FIDUCIARY RULE

Washington, DC – This afternoon, the House of Representatives passed H.J.Res 88, a resolution that will block the Department of Labor’s onerous “fiduciary” rule and protect Hoosiers’ access to affordable retirement advice. The vote was 234 to 182. 

“The DOL’s new ‘fiduciary’ rule would deny Hoosiers retirement options while also driving up the cost of receiving financial consulting. These regulations would disproportionately hurt smaller local firms, with the federal government using this rule to pick winners and losers in the private sector. By passing this resolution, the House has taken an important step to ensure that all Americans receive the retirement advice they need and deserve,” said Rep. Rokita.

Under the Congressional Review Act, Congress may prevent a federal agency from implementing a rule by passing a resolution of disapproval. H.J. Res 88 would keep the DOL’s fiduciary rule from going into effect in April of 2017.

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