High Country Times

WASHINGTON – Today, Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) expressed concerns over the Office of Management and Budget's (OMB) handling of a fiduciary rule that could impact retirement plans, retirees, and savers. Foxx stated, "OMB’s swift conclusion in its review of this fiduciary rule gives rise to serious questions as to whether the agency has extended due consideration to stakeholder input and allowed their views to be fully heard and accounted for in this process. The pattern of behavior that the agency has exhibited thus far shows a blatant disregard for doing so—OMB would do well to get its act together."

Foxx's remarks highlight the need for OMB to ensure that stakeholders' perspectives are taken into account during the decision-making process regarding the fiduciary rule. The Chairwoman's statement emphasizes the importance of transparency and inclusivity in regulatory procedures that may impact various sectors of the economy.

The conclusion of OMB's review has sparked concerns about the extent to which stakeholder input has been considered in the formulation of the fiduciary rule. Foxx's call for OMB to reevaluate its approach underscores the significance of incorporating diverse viewpoints to create effective and fair regulations.

As discussions surrounding the fiduciary rule continue, stakeholders and policymakers will be closely monitoring OMB's actions to address the issues raised by Chairwoman Foxx and ensure that all relevant perspectives are taken into consideration in the decision-making process.