WASHINGTON — U.S. Representative Randy Hultgren (IL-14) is pleased with President Trump’s move to delay a Department of Labor (DOL) rule to expand the definition of a fiduciary, which restricts consumer choice in retirement planning and investments. Rep. Hultgren is a cosponsor of H.R. 355, the Protecting American Families' Retirement Advice Act, which similarly delays the rule.
“Americans planning for retirement still face the prospect of an aggressive federal agency restricting their access to the counsel they need from advisers they trust," Hultgren said. "Through a series of meetings, my constituents have made it clear they are hurt by this rule, including the thousands of small investors who are served by the many who work in the dozens of Edward Jones and State Farm offices throughout the 14th District.
"That’s why I support legislation for a simple two-year delay that will ensure no one suffers the unintended consequences of this change,” said Rep. Hultgren. “I applaud President Trump for acting on this early in his administration. I urge the House to act to support this move as we work with an administration that understands the needs of those planning for the future.”
Rep. Hultgren's office says the congressman has led on this issue since DOL announced its proposed rule:
- He has made the case against the proposal in a Wall Street Journal op-ed.
- He has led two efforts to urge the agency to think carefully about the proposal and its possible unintended consequences. Forty-three members of Congress joined him in sending a letter urging DOL to keep regulations for listed options consistent for both retirement and non-retirement accounts and preserve middle class Americans low-risk options for retirement savings.
- He also led members of the Illinois delegation in in asking DOL to work with Congress to protect the ability of local businesses to advise customers in their own towns and cities on investment strategies, something the proposed rule jeopardizes.
- He previously cosponsored H.R. 1090, the Retail Protection Investor Act, a bill that recognizes the authority and experience of the Securities and Exchange Commission to regulate these products and services throughout the financial markets.