Ken Buck Votes to Empower Colorado Investors
For Immediate Release
Contact: Kyle Huwa, 202-225-4676
Washington, D.C. – Yesterday, Congressman Ken Buck voted for House Joint Resolution 88, a resolution disapproving the Department of Labor’s (DOL) overreaching fiduciary rule. The resolution passed the House by a 234-183 vote.
Under the Employee Retirement Income Security Act (ERISA), the DOL has authority to regulate financial services professionals who provide investment advice. The updated rule places new regulations on “fiduciaries,” those professionals who provide investment advice to individuals. The DOL claims the new rule is needed because retirees are incapable of making their own informed investment decisions. But the rule creates a web of cumbersome regulations that make little sense for investment advisors’ business models or their clients. The rule limits retirement investment options and will drive up the cost of business for advisors, pricing middle-class investors out of the investment advice market.
“The fiduciary rule hurts well-intentioned financial advisors and the Coloradans who need to plan for their retirement with sound, affordable investment advice,” Congressman Ken Buck stated. “H.J. Res. 88 makes it loud and clear: Congress does not approve of the Executive Branch overregulating our lives.”
Rep. Ken Buck (CO-04) is the Freshman Class President. He serves on the House Judiciary Committee and the House Committee on Oversight and Government Reform. He serves on the OGR Subcommittees on Government Operations and the Interior and is a member of the Judiciary Subcommittees on Immigration and Border Security and Crime, Terrorism, Homeland Security and Investigations.