Bill Cassidy - Ranking Member of the Senate HELP Committee | Official U.S. Senate headshot
Bill Cassidy - Ranking Member of the Senate HELP Committee | Official U.S. Senate headshot
WASHINGTON – Today, U.S. Senators Bill Cassidy, M.D. (R-LA), ranking member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, and Ted Budd (R-NC) expressed strong opposition to the Department of Labor’s (DOL) new fiduciary rule, citing concerns about its impact on Americans' access to retirement savings.
The new rule, which expands DOL’s regulatory power over financial advisors, has drawn criticism for increasing compliance costs for advisors and potentially limiting investment options for low-income Americans. Senators Cassidy and Budd highlighted the negative repercussions of a similar policy implemented during the Obama administration, emphasizing its adverse effects on investors.
Dr. Bill Cassidy remarked, "The Biden administration’s priority should be making it easier for Americans to invest for a secure retirement. Instead, this policy imposes burdensome regulations that restrict investing opportunities, especially for those who are lower- and middle-income." Senator Ted Budd echoed these sentiments, stating, "The Biden administration’s proposed rule not only poses a significant risk to consumers, investors, and the financial services industry, but it also threatens our economic stability."
Senator Cassidy had previously voiced his concerns about the proposed regulation and urged DOL to reconsider amending the definition of an investment advice fiduciary. He also criticized DOL for its inconsistent positions on the fiduciary rule, highlighting the harm caused to American savers.
In conclusion, both Senators Cassidy and Budd called for swift action from Congress and the courts to prevent the implementation of the new fiduciary rule, emphasizing the potential negative impact on consumers, investors, and the financial industry.
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