Rick Allen: “I thank the gentleman for yielding. Mr. Speaker, I rise in support of H.J. Res. 88, legislation that would disapprove of…”

“I thank the gentleman for yielding. Mr. Speaker, I rise in support of H.J. Res. 88, legislation that would disapprove of the Department of Labor's fiduciary rule. This new DOL fiduciary rule definition will impose costly new mandates and burdensome regulations on retirement advisers. This will negatively affect and disproportionately hurt low- and middle-income families who seek retirement advice but who do not have enough in savings to afford an ongoing fee-for-service approach. {time} 1430 In other words, it is just another Washington one-size-fits-all solution that hurts those who may need financial advice the most. Five years ago the Obama administration introduced a similar rule that was met with much opposition. Well, not much has changed in those 5 years. This rule will do more harm than good to the very people it is claiming to protect. The majority of my time in Washington is spent fighting executive and agency overreach, and this rule is just another example of the failed Obama administration's attempt at Federal Government monopolization of retirement advice. Everyone deserves accessible advice when planning and saving for retirement. The people in my district are sick and tired of these unelected bureaucrats in these departments and agencies imposing these rules. I am proud to cosponsor H.J. Res. 88, and I urge my colleagues to join me in support.”