U.S. Rep. Blaine Luetkemeyer (MO-9) issued the following statement on the Department of Labor’s decision to pull a proposed fiduciary rule that would have negative consequences for investors:

“I am pleased that the Department of Labor has pulled a rule that would have changed the definition of fiduciary. I repeatedly expressed in meetings and letters with the department and other federal agencies that this ill-advised rule had the potential to create regulatory burdens on retirement advisors so great that it would have increased the costs of client fees, reduced consumer access to investment advice, and ultimately driven qualified professionals out of the business of helping Americans plan for retirement. This would have been particularly true in rural communities with small-dollar investors and an already limited number of financial planners.

“It is absolutely critical to protect individuals from misleading investment advice. In doing so, however, we must be sure that we do not ensnare an entire industry made up of small businessmen and -women, and unnecessarily price their clients out of retirement planning.

“A change this significant warrants a careful and deliberate process, not a reactionary one. It is essential that the department work with the Securities and Exchange Commission, Commodity Futures Trading Commission and the Treasury Department to ensure that this rule does not impose undue burdens on investors. I look forward to working with the Department of Labor as they develop and propose a new rule changing the definition of fiduciary.”

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