Skip to main content

Hudson Statement on Harmful Fiduciary Rule

April 6, 2016
FOR IMMEDIATE RELEASE
April 6, 2016
Hudson Statement on Harmful Fiduciary Rule
WASHINGTON, D.C. – Today, U.S. Representative Richard Hudson (NC-08) released the following statement on the Department of Labor’s finalized fiduciary rule:
“Washington bureaucrats have released yet another one-size-fits-all regulation—this time hurting individuals and families who need financial advice. Not only will the fiduciary rule create more paperwork and requirements for financial planners, it will also mean higher costs and less options for hardworking Americans who are trying to plan for their futures. I will continue to work to stop this unworkable rule and protect folks who are saving for retirement.”
The rule seeks to broaden the definition of a qualified “fiduciary,” a person who provides investment advice, suggesting the need to prevent “conflicts of interest” in financial advice. This expanded definition would decrease lower and middle income Americans’ access to affordable investments.
Rep. Hudson cosponsored the Retail Investor Protection Act, which passed the House with a bipartisan majority in October 2015. This legislation would halt the fiduciary rule until the Securities and Exchange Commission issues its own expected proposal on investment advice. Rep. Hudson previously voted for this legislation when it came to the House floor in the 113th Congress.
###