Congressman French Hill Statement on POTUS Decision to Halt DOL Fiduciary Rule

WASHINGTON – Today, after President Trump signed executive orders to review Dodd-Frank and to stop implementation of the Department of Labor’s (DOL) fiduciary rule, Congressman French Hill (AR-02) released the following statement:

“From day one, DOL’s fiduciary rule never made any sense to anyone with any real understanding of the industry. This tone-deaf attempt by the Obama Administration to evoke its ‘Washington-knows-best’ strategy in its ‘war on savings’ would have been detrimental for access to professional retirement planning and guidance for those who need it the most. I have stressed to House Leadership and the White House the needed urgency in stopping this misguided decision by the previous administration to prevent confusion and potential disruption of important retirement planning services. I am very pleased that the concerns of the Congress were heard, and now the administration can encourage the SEC to consult with all investment professional and investors and craft improved rules for retirement savings. We all should be optimistic that we are entering a new regulatory environment that works to create more opportunity for investment and lowers costs for consumers.”