Echoing an idea he advanced last week at a retirement industry symposium, Rep. Peter Roskam, R-Illinois, suggested the Department of Labor’s proposed fiduciary rule is part of the Obama Administration’s larger effort to force control of the country’s retirement savings into the hands of government.
“The Administration’s own regulations, as well as public comments, have made it clear that they don’t want Americans to have control over how much to invest, which investments to choose, and when to draw down their accounts in retirement,” said Roskam in opening remarks at today’s House Ways and Means Oversight subcommittee hearing on the fiduciary rule.
“The road to hell is paved with good intentions,” added Roskam. “The reality is this regulation would prevent many people from getting any investment advice at all.”
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
