Congressman Brett Guthrie (KY-02) on Thursday, April 7 released a statement on the Administration’s release of the final Conflict of Interest regulation, also known as the fiduciary rule.
“Families across Kentucky work hard in the hope that they can save for retirement, and the government should not stand in the way of achieving this goal. I am concerned that the Administration’s fiduciary rule will make it harder for low and middle-income Americans to receive sound financial planning advice and save for their retirement,” said Guthrie. “Despite my overall concerns with the regulation, I am glad to see that after my urging over the course of several conversations with Secretary of Labor Thomas Perez, the Department of Labor has agreed to remove Employee Stock Ownership Plan (ESOP) appraisers from the scope of this rule.”
Guthrie is a co-sponsor of H.R. 4293, the Affordable Retirement Advice Protection Act, and H.R. 4294, the SAVERS Act of 2015, which together are designed to preserve access to affordable and sound retirement advice for savers without imposing new burdensome regulations like the fiduciary rule.