WASHINGTON – U.S. Sen. Jim Inhofe (R-Okla.) voted Tuesday in favor of H.J. Res. 88 to disapprove of the Department of Labor’s Fiduciary Rule. The measure passed 56-41.
“The federal government should be looking for ways to encourage Americans to save for their retirement, not creating new barriers that make that difficult work even harder,” said Inhofe. "This DOL fiduciary rule would negatively impact the average investor by placing unnecessary burdens on financial advisors, significantly driving up compliance costs. The rule would cause many advisors to discontinue their services to small account holders. I applaud Congress for passing a resolution to overturn this rule.”
In October 2010, the Department of Labor proposed rewriting its regulatory definition of a “fiduciary,” allegedly to protect individuals from misleading investment advice. However, the administration later withdrew its rule amid widespread, bipartisan criticism that the proposal would essentially prevent lower- and middle-income investors from gaining access to the advice market and would likely result in confusion and ultimately discourage savings participation.
The Department of Labor re-proposed this flawed regulation in April 2015. Despite extensive concerns from a variety of stakeholders, the rule was made final on April 6, 2016.
Sen. Inhofe cosponsored S.J. Res. 33 disapproving the fiduciary rule.