Tuesday, October 27, 2015

Hill Statement on Passage of the Retail Investor Protection Act

WASHINGTON, D.C. – Today, the U.S. House of Representatives passed H.R. 1090, the Retail Investor Protection Act, a bill that would halt the U.S. Department of Labor’s (DOL) proposed fiduciary rule and require it to defer to the expertise of the Securities and Exchange Commission (SEC). After passage of the bill, Congressman French Hill (AR-2) released the following statement:
“DOL’s misguided and unworkable proposal is another example of the Administration reaching well beyond its traditional borders. The SEC has had the responsibility of overseeing financial advisers for decades and is the appropriate regulator for issues within its jurisdiction. The DOL proposal will adversely impact those trying to save for retirement by limiting consumer choice and access to sound financial advice while increasing costs for those who need it most. Hardworking people throughout Arkansas and the rest of the country need more savings and investment options for retirement, not fewer, and I am proud to support legislation that protects those investment options.”

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