WASHINGTON — On Tuesday Sen. Ron Johnson (R-Wis.), chairman of the Senate Homeland Security and Governmental Affairs Committee, voted to reject the Labor Department’s fiduciary rule. Chairman Johnson released a report in February detailing the Labor Department’s flawed process in handing down the rule that hurts investors saving for retirement.
Johnson had this to say after his vote, which was in favor of H.J. Res. 88, a resolution of disapproval of the rule:
“Americans saving their hard-earned money for retirement shouldn’t be forced to deal with additional hurdles and costs imposed by bureaucrats in Washington. This rule will likely increase compliance costs for advisers, driving up the price of their services and decreasing access to advice for low- and middle-income investors. By voting for this resolution of disapproval, we are saying the regulatory overreach of the Obama administration must stop.”