A major step in blocking the DOL’s proposed fiduciary rule occurred Wednesday, when the House Financial Services Committee passed Rep. Ann Wagner’s bill, the Retail Investor Protection Act, or RIPA.
The Missouri Republican’s “signature” legislation, seen as a direct rebuke to the DOL’s efforts to require stricter fiduciary oversight and practices for financial advisors and brokers, will now be scheduled for a vote on the House floor, where the congresswoman expects it to pass. The committee’s vote was 34-25.
”I’m grateful for my colleagues on the Financial Services Committee who joined me today in protecting the millions of low- and middle-income Americans from the Administration’s latest power grab,” Wagner said in a statement.
She added that preserving access to sound investment advice for hardworking families is something “I believe in and will continue to fight for, and I look forward to seeing this bipartisan bill on the House floor soon.”
The congresswoman also took a swipe at “the pen-pals and panderers who supported this legislation in the past but are now siding with President Obama and Elizabeth Warren, shame on you! Putting politics ahead of the best interests of millions of Americans is wrong and, frankly, it’s offensive to tell the American people you don’t trust them with their hard-earned savings.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
This is just disgusting. Sticking it to the little guy and letting corporate America run all over him. Elizabeth Warren has got this right!! This Republican garbage must be stopped!