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Dear Representatives:
On behalf of nearly three million Americans for Prosperity activists in all 50 states, I write to urge you to vote YES to override the President’s veto of H.J. Res 88, a Congressional Review Act vote against the Department of Labor’s harmful fiduciary rule.
We urge you to vote YES to override the President’s veto of H.J. Res. 88, which would overturn the DOL’s fiduciary rule. Americans for Prosperity will include this vote in our congressional scorecard.
The U.S. Department of Labor’s recently-finalized fiduciary will empower unelected, unaccountable bureaucrats to take control over Americans’ retirement choices. 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.
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.
Overriding the President’s veto would relieve the American people from one of the Department of Labor’s most onerous new rules. Efforts to defund, block, and otherwise nullify this rule – and similar overreaching rules coming from federal agencies – will send a strong message that elected officials on Capitol Hill are willing to stand up to the White House’s regulatory overreach. Inaction will send a message of compliance with it. Congress is right to act.
We urge you to vote YES to override the President’s veto of H.J. Res. 88, which would 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 Prosperity
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