Like Sheriff Buford T. Justice, congressional Republicans aren’t giving up. Despite cautious optimism and general praise for the DOL’s final fiduciary rule, GOP members are nonetheless vowing to fight its implementation, The Hill reports.
“GOP lawmakers promised to use every tool available to them to delay or otherwise disrupt the new Labor Department rules finalized Wednesday, calling the long-running initiative misguide and harmful,” according to the paper.
“We will continue to look at every avenue to protect middle-class families and small businesses from government overreach,” said Speaker Paul Ryan (R-Wis.), who has consistently criticized the rule.
“Congress must act to stop this costly, complicated and potentially conflicting rule that’s unfair to millions of American families who only want the freedom to plan for financial independence and the right to shape their own destiny,” House Financial Services Committee Chairman Jeb Hensarling (R-Texas), added.
As The Hill notes, despite the GOP outcry, “the response from the financial industry, which fiercely contested the rule-making, was much more muted. Most industry groups took a measured tone, saying they have concerns about the overall project but want to review the new rule, which is expected to run hundreds of pages, before issuing a final verdict.”
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.
