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Ernst Votes to Eliminate DOL’s Costly, Burdensome Fiduciary Rule

WASHINGTON, D.C. – U.S. Senator Joni Ernst (R-IA) today released the following statement after voting in favor of H.J.Res.88, a measure to disapprove of and eliminate the Department of Labor’s fiduciary rule.

“It’s important that folks have access to financial advisors, particularly when it comes to planning for retirement. However, the Department of Labor’s costly, 1,000 page fiduciary rule makes it more difficult for families to do just that by imposing more mandates that will ultimately prevent Iowans from accessing the financial advisor of their choice. 

“At an estimated cost of more than $31 billion, the most expensive regulation thus far in 2016, the fiduciary rule is yet another example of the federal government’s top-down, Washington-centered overreach harming hardworking, middle-class Americans, and must be stopped.”

Senator Ernst is an original cosponsor of S.J.Res.33, the Senate companion legislation to H.J.Res.88.