U.S. Senator Mike Enzi, R-Wyo., praised today’s action by President Donald Trump to preserve access to retirement planning for middle-income American families by halting the implementation of the Obama Administration’s complex and burdensome “fiduciary rule.”
In an executive order issued by the White House today, President Trump directed the Department of Labor to delay the rule’s application, currently scheduled for April 10, to allow time for the reevaluation of how this rule adversely affects the ability of Americans to gain access to retirement information.
“The fiduciary rule has always been a solution in search of a problem that would just end up hurting the people it is supposedly designed to help,” said Enzi, chairman of the Senate Budget Committee and chairman of the Senate HELP retirement security subcommittee. “I applaud President Trump for taking action to reassess the necessity of the rule. If we want to ensure that Americans can properly plan for their retirements, we shouldn’t be implementing rules that would just place hurdles in their way.”
U.S. Senators Johnny Isakson, R-Ga., Lamar Alexander, R-Tenn., and Orrin Hatch, R-Utah, joined Enzi today in praising Trump for his action to review the implementation of the “fiduciary rule”.
The Department of Labor under former President Obama released its final version of the rule – which rewrites its definition of the word “fiduciary” – on April 6, 2016, despite extensive concerns from a variety of stakeholders.
In response, Isakson, Alexander, Enzi and Hatch along with 38 senators filed a resolution of disapproval under the Congressional Review Act against the new Department of Labor financial retirement planning rule. On May 24, 2016, the Senate voted 56-41 for Isakson’s resolution of disapproval, but former President Obama vetoed the resolution on June 6, 2016.