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Washington, D.C. – House Majority Leader Kevin McCarthy (CA-23) released the following statement on the Obama Administration’s fiduciary rule:

“When Washington bureaucracies regulate, they have a tendency to hurt more than they help. This new fiduciary rule from the Department of Labor would raise barriers on investment advice to unreasonable heights, stopping people with smaller bank accounts from getting the financial counseling they need to get ahead. The Obama Administration shouldn’t put more roadblocks up to people’s financial success. Now that the department has put forward a final rule, the committees will review it thoroughly and consider legislative options as appropriate.”