Sessions Supports Legislation to Protect Investors from Burdensome Labor Dept. Rule

Washington, D.C. – U.S. Congressman Pete Sessions (R-TX), chairman of the House Rules Committee, today issued the following statement after voting in favor of a bill that would stop a proposed rule from the Department of Labor that raises costs and reduces access to good retirement and investment advice for low- and moderate-income Americans as well as employees of small businesses:

“Putting a stop to the Labor Department’s misguided rule must be our first order of business to ensure workers from Wall Street to Main Street are given the same opportunity to carefully plan for their retirement and manage their investments. The American Dream dictates that if you work hard, think carefully about your future and set aside portions of your income each year, you can be just as comfortable during your retirement years as you were during your working years. Yet this rule puts a wrench in that formula. For an Obama administration that claims to be focused on opportunity for all – especially lower-income Americans – they have done a huge disservice to so many by proposing this prohibitive rule that will make it too tough for Americans to receive the financial advice they want and need. The simple truth is that another burdensome rule from the Obama administration that would reduce retirement savings by billions of dollars is not the way to get our economy back on track.”

For more information on the Retail Investor Protection Act, H.R. 1090, click here

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Created:
Oct 27, 2015