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Dear Senators:
On behalf of more than 2.8 million Americans for Prosperity activists in all 50 states, I urge you to support H.J. Res 88, a Congressional Review Act vote against the Department of Labor’s harmful fiduciary rule.
We urge you to vote YES on H.J. Res. 88 to overturn the DOL’s fiduciary rule. Americans for Prosperity will include this vote in our congressional scorecard.
The Department of Labor’s recently-finalized fiduciary will empower un-elected, unaccountable bureaucrats to take control over Americans’ retirement choices. The rule mandates that financial advisors must adhere to the government’s one-size-fits-all definition of “best interest” for the investment choices they recommend, leaving little choice to individual savers in deciding what their own “best interests” are.
The rule will impose significant new disclosure requirements and compliance burdens. A study by Oxford Economics shows that implementation will cost the financial services industry nearly $3.9 billion every year – roughly twenty times higher than the Department’s estimates. American Action Forum estimates that the final rule will create nearly 57,000 paperwork hours and will cost Americans over $75 billion in duplicative fees, making it the most expensive proposed or finalized rule of 2016.
The rule would also make it more difficult for average Americans to open and maintain an IRA, and for companies to offer 401(k)s. Experts predict many brokers will stop serving households with less than $50,000 in assets- small investors who need guidance the most. As many 7 million Americans may lose their IRAs as advisors will turn away non-compliant accounts.
We urge you to vote YES on H.J. Res. 88 to overturn the DOL’s fiduciary rule. Americans for Prosperity will include this vote in our congressional scorecard. Visit our scorecard online at: www.afpscorecard.org
Sincerely,
Brent Wm. Gardner
Vice President of Government Affairs
Americans for Prosperityof Labor’s harmful fiduciary rule.
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