Congresswoman Introduces Alternative to DOL Fiduciary Rule

October 06, 2017

Representative Ann Wagner (R-MO) has introduced the Protecting Advice for Small Savers Act, which would repeal the Department of Labor’s controversial fiduciary rule and replace it with a best-interest standard instead, reports Legal Newsline.

Rep. Wagner pointed to a study by the U.S. Chamber of Commerce that found that low and middle income retirement savings investors have already begun to feel negative effects of the rule. Wagner said her bill will “protect these investors by creating a best interest standard for broker-dealers that benefits consumers and protects their access to financial advice.”