ATR Statement on Failure to Block Fiduciary Rule

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Posted by Alexander Hendrie on Wednesday, December 16th, 2015, 4:05 PM PERMALINK

Americans for Tax Reform today expressed disappointment at Congress’ failure to include a policy rider blocking the Department of Labor’s proposed fiduciary rule in the Omnibus spending bill.

The Department of Labor proposed a series of crushing new regulations that will shut out newer investors and younger investors from the world of IRAs. This rule will limit the ability of IRA companies to offer advice to new investors, limit the ability of small businesses and employers from getting investment advice, and prevent experts from offering advice on rolling a 401(k) to an IRA.

The failure by Congress to add a rider blocking this rule will make IRAs more complicated and less popular and shut out potential new users. 

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