WASHINGTON, D.C., June 22, 2016 – U.S. Rep. Dennis A. Ross (R-FL-15), Senior Deputy Majority Whip, released the following statement after voting to override President Obama’s veto of H.J. Res. 88, a resolution that would nullify the Department of Labor's flawed "fiduciary rule":
“The ‘fiduciary rule’ proposed by the Department of Labor hurts low- and middle-income investors in Florida and throughout our nation who are saving for their families' financial futures. This rule raises the cost of investing and, in some cases, prevents financial advisors from providing important advice and services altogether. This is not a partisan issue. Lawmakers and advisors on both sides of the aisle fear this rule's burdensome mandates will cause harm to hardworking families and small businesses.
“President Obama’s veto of the bipartisan effort to nullify this flawed rule demonstrates he is tone-deaf to the impact his policies will have on Main Street families who are simply trying to responsibly invest and prepare for the future. I will continue fighting costly rules proposed by this administration that will harm those saving for their children’s education, their first home, and their retirement.”
Several bipartisan bills introduced in the House of Representatives have sought to stop the Department of Labor from moving forward with its “fiduciary rule," such as the SAVERS Act of 2015, which would preserve access to financial advice while helping ensure that advisors serve the best interests of their clients. Additionally, Ross supported, and the House passed, H.R. 1090, the Retail Investor Protection Act, to prevent the Department of Labor from issuing its 1,000-page rule on retirement savings that will raise costs and restrict access to financial advice for Americans, especially for low- and middle-income families.
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