Rep. Calvert Votes to Protect Access to Affordable Retirement Advice

Today, Congressman Ken Calvert (CA-42) voted along with a majority (234 to 183) of the House of Representatives to pass House Joint Resolution 88 which disapproves the rule submitted by the Department of Labor relating to the definition of the term "Fiduciary."

"Hard working American families have the right to get affordable access to financial advice to help them make complicated life planning decisions," said Rep. Calvert. "This is yet another example of the Obama administration putting Washington bureaucrats between Americans looking for help and the professionals who provide specialized services."

Background:

(From the House Committee on Education and the Workforce)

H.J. Res. 88 would invoke Congress's powers under the Congressional Review Act to prevent the department's rule restricting access to retirement advice from going into effect. The resolution follows earlier efforts to enact a responsible, bipartisan alternative to the department's flawed rule. The resolution will help Americans retire with the peace of mind and financial security they deserve.

If this rule were to take effect, if a family attempts to buy a retirement plan, without becoming a fiduciary on the account, the planner would only legally be able to place all the options on the table. The planner would have no ability to highlight plans; shows the customer different options, or confirm thoughts by family without becoming wholly responsible for any loss the plan may incur.

H. J. RES. 88:

• Blocks an extreme, partisan regulation that will make it harder for low- and middle-income families to save for retirement.

• Protects access to affordable retirement advice for all Americans.

• Ensures small business owners can continue to find the advice they need to help their employees plan for retirement.

• Builds upon a larger, bipartisan effort to strengthen protections and help all Americans retire with the financial security and peace of mind they deserve.

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