High Country Times

WASHINGTON – Today, Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) expressed strong criticism towards the Department of Labor’s final fiduciary rule. Foxx stated, "DOL failed to learn from its own past blunders. This final fiduciary rule mirrors its shameful predecessor that was vacated by the 5th U.S. Circuit Court of Appeals in 2016."

Foxx highlighted that the final rule once again encroaches on the regulatory jurisdictions of the Securities and Exchange Commission and state insurance regulators, adding that "This regulatory overreach runs counter to the will of Congress and court decisions." She also pointed out the timing of the rule's issuance, stating, "Not to mention, the issuance of this final rule today is disrespectfully timed as millions of Jewish Americans are observing Passover."

Concerned about the impact on retirees and savers, Foxx remarked, "When retirees and savers simply want access to retirement products that meet their own needs, they will unfortunately find the options have become significantly limited." She concluded by affirming, "This Committee will continue to push back on the Biden administration’s efforts to harm Americans’ retirement security."