Rep. Randy Hultgren (R-IL) has offered his support to H.R. 1090, the Retail Protection Investor Act, that would provide retail financial planners and their customers protection from the Labor Department’s plan to expand the definition of a fiduciary.
He said based on what he has learned from constituents in the 14th District, the legislation is necessary.
"The increased compliance costs imposed on financial planners would harm Main Street customers who may lose out on the full range of options available," Hultgren said. "Forward-thinking Americans would lose out. We should provide consumers with enough information and options to decide for themselves what they need, in consultation with their trusted financial adviser, instead of making that decision for them. Allowing for a diversity of options lets financial planners best serve their customers.”
The Retail Protection Investor Act would delay the proposed rule until the Securities and Exchange Commission (SEC) issues its own fiduciary rule. The act also would require the SEC to look at alternatives to a more uniform fiduciary standard and examine the impact of such an approach on common investors.
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