Rounds Statement on Fiduciary Rule

WASHINGTON—U.S. Senator Mike Rounds (R-S.D.), a member of the Senate Banking Committee, today issued the following statement after the Department of Labor (DOL) released its fiduciary rule.

“I oppose the fiduciary rule issued today, as it will have harmful consequences for American families saving for retirement,” said Rounds. “The rule will limit the availability of retirement investment advice for millions of people, especially low- and moderate-income Americans. The many regulations issued by the Obama administration consistently place undue financial burdens on already-overtaxed Americans, and the fiduciary rule is no different.”

In May 2015, Rounds, along with 35 senators, sent a letter to DOL Secretary Thomas Perez requesting the DOL revise its proposed fiduciary rule and extend the comment period.  In October 2015, DOL agreed to rework its proposed rule. Unfortunately, the rule issued today will leave many without critical access to quality retirement advice.

Rounds is a cosponsor of S. 2502, the Affordable Retirement Advice Protection Act, and S. 2505, the Strengthening Access to Valuable Education and Retirement Support Act, both of which aim to establish more workable fiduciary standards and prevent the DOL’s fiduciary rule from being implemented.