Press Releases

Rep. Loudermilk (R-GA) issued the following statement after President Trump issued an order rolling back the planned implementation of a Department of Labor rule that would impose onerous liabilities for small financial planners:  

 “Today, President Trump took appropriate action to roll back an egregious overreach by the previous Administration. The rule issued last year by the Department of Labor subjecting private financial advisors to unreasonable liability, had a devastating impact on small businesses and the American citizens who rely on the advice of these professionals. I commend the President for taking immediate action to roll back government-control over hardworking Americans.”

Background

The Department of Labor’s proposed fiduciary rule would raise costs and reduce access to retirement investment advice for Americans with low and moderate incomes as well as employees of small businesses.

This rule was issued by the previous Administration, and reports from the private sector indicated that the rule was a threat to $472 billion of small business retirement plans. It would have potentially caused harm to 9 million American households. Members of Congress have fought to overhaul this rule, but experienced repeated opposition from the previous Administration, including a Presidential veto of a bipartisan bill to repeal it.