U.S. Rep. Randy Hultgren (R-Dist. 14) voted with a House majority on Tuesday for the Retail Investor Protection Act, which would maintain access for Americans to significant services and advice regarding their retirement.
The bill currently is under consideration in the Senate.
The Department of Labor recently proposed a rule to raise costs and reduce access to retirement investment counseling for lower-income Americans and small-business employees. The Retail Investor Protection Act would require the Department of Labor to defer this authority to the Securities and Exchange Commission.
This issue has been a priority for Hultgren since he joined the House Financial Services Committee. Hultgren has written two letters to the Department of Labor and also published an influential op-ed on the subject in the Wall Street Journal. The legislation is one of the key steps in preserving the access and quality of these important services.
“It is time for the administration to stop restricting where and how Americans choose to pursue financial stability and security,” Hultgren said. “Most concerning, the president’s proposal would hit those who have difficulty saving the hardest. Passing this bill today halts the politically motivated actions of the Department of Labor.”