Vocal and demonstrated opposition to the Department of Labor’s ill-fated fiduciary rule has helped a trio of House of Representatives members earn the “Federal Champion of Retirement Security Award” from the Insured Retirement Institute.
IRI announced Dec. 18 it has presented Rep. Virginia Foxx (R-NC), Rep. David Scott (D-GA), and Rep. Ann Wagner (R-MO) with its Champion of Retirement Security Award in recognition of their leadership and efforts to enhance retirement security for America’s workers and retirees.
“We celebrate the accomplishments and leadership of three Members of Congress who have long championed policies to strengthen and enhance retirement security for America’s workers and retirees,” said Wayne Chopus, IRI President and CEO. “Most recently, they took decisive action against the Department of Labor’s (DOL) one-size-fits-all fiduciary rule, which would deny workers and retirees access to their choice of financial guidance and products to help them achieve a secure and dignified retirement. Their willingness to lead congressional opposition to the DOL rule and support several proposals featured in IRI’s Retirement Security Blueprint has earned them our Champion of Retirement Security Award.”
Foxx attacks ‘reckless overreach’
Rep. Foxx is Chair of the House Committee on Education and the Workforce. During her years of service on the Committee, Rep. Foxx built a legacy as a leader who shepherded several historic retirement security bills through Congress, including the SECURE Act, the SECURE 2.0 Act, and the RILA Act, all of which were enacted into law.
Her legacy as a champion of retirement security continued this past year when she led Republican congressional opposition to the DOL fiduciary rule. At her direction, the Committee held a hearing to examine the rule’s consequences and invited IRI to testify. Through her leadership, the Committee approved a Congressional Review Act (CRA) resolution to disapprove the rule.
She also supported several bills in IRI’s 2024 Retirement Security Blueprint, including the Retirement Fairness for Charities and Educational Institutions Act, the Improving Disclosure for Investors Act, and the Financial Exploitation and Prevention Act, which passed the House.
“Reckless overreach by the Biden-Harris administration has left Americans’ retirement investment freedom and financial security under attack,” said Rep. Foxx. “While the Left worked to politicize the retirement savings of Americans, I worked to protect them. Too many workers aren’t putting anything towards their retirement nest egg, so why is this administration pushing radical policies that limit access to retirement advice? It’s nonsensical. In contrast, the Committee has been focused on policies that strengthen our retirement system so workers, retirees, and job creators are better served. Thank you for recognizing these efforts. I am grateful.”
Scott stumps to strengthen financial security
Rep. Scott serves on the House Financial Services Committee, and he was the lead Democrat on the only bipartisan congressional letter that called upon DOL to withdraw the fiduciary rule because of concerns about the harm it would cause to lower- and middle-income workers’ access to advice for retirement savings. He publicly voiced his concerns during the House’s first hearing on the rule held by the Capital Markets Subcommittee of the House Committee on Financial Services.
Rep. Scott also demonstrated his commitment to retirement security this year by supporting the Retirement Fairness for Charities and Educational Institutions Act, the Improving Disclosure for Investors Act, and the Financial Exploitation Prevention Act.
“It is wholly unacceptable that in 2024, more than 20% of Americans over 50 have no retirement savings,” said Rep. Scott. “Strengthening the financial security for workers and retirees across Georgia and the nation will significantly increase the opportunity for millions more to achieve a dignified retirement future. I am honored to receive the 2024 Champion of Retirement Security Award and look forward to working alongside IRI on behalf of all retirees.”
Wagner longtime foe of DOL fiduciary rule efforts
Rep. Wagner serves on the House Financial Services Committee and is the Chair of the Capital Markets Subcommittee. IRI noted she is a long-time and consistent leader among House Republicans in opposing not only the most recent version of DOL’s fiduciary rule but all the previous iterations of the rule.
This year, she led the first congressional hearing on the DOL rule and invited IRI to testify and share its concerns about the rule’s significant, harmful, and troublesome impact on millions of America’s workers’ and retirees’ retirement security.
Rep. Wagner also led efforts to include policy riders in the DOL’s appropriation legislation, which would prevent the department from finalizing, implementing, and enforcing the fiduciary rule. She also joined with 54 of her Republican colleagues to co-sponsor the CRA resolution to disapprove the rule that passed the House Education and the Workforce Committee.
She has voted in favor of IRI-supported measures, including the Retirement Fairness for Charities and Educational Institutions Act and the Improving Disclosure for Investors Act. She also sponsored the Financial Exploitation and Prevention Act and co-sponsored the SECURE Notarization Act and the National Senior Investor Initiative Act. She voted for the SECURE Act, the SECURE 2.0 Act, and the RILA Act.
”I am grateful to receive the Insured Retirement Institute’s Champion of Retirement Security award,” said Rep. Wagner. “One of my major priorities in Congress has been fighting the utterly misguided Department of Labor fiduciary rule that would make it harder for people to save for a comfortable and secure retirement. I will continue to work with IRI to help families save for their future.”
The IRI Champion of Retirement Security Award was established in 2013 to recognize members of Congress who work to enhance retirement security in the United States.
SEE ALSO:
• House, Senate Resolutions Introduced to ‘Disapprove’ DOL Fiduciary Rule
• IRI Releases 2024 Retirement Security Blueprint Featuring 33 Legislative Proposals
• Sens. Thom Tillis, Tina Smith Named IRI’s 2023 Champions of Retirement Security
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
