U.S. Rep. Blaine Luetkemeyer (MO-03) issued the following statement after the U.S. Department of Labor (DOL) announced its one-size-fits-all final fiduciary rule:

“Today’s announcement is just another example of this administration harming Americans and small business with its overzealous regulatory agenda. As a result of today’s final fiduciary rule, families and small businesses, particularly those in low-income and rural areas, will see higher costs and restricted access to financial advice. Financial planners will face increased paperwork and compliance requirements. To add insult to injury, the Obama Administration has chosen to cut off financial advice in a time when the federal government has punished savers through low interest rates and restricted access to credit. This is a solution in search of a problem as there have been no abusive practices that have spurred the making of this rule and, ultimately, it puts the retirement goals of millions of Americans further out of reach. I stand ready to work with my colleagues on both sides of the aisle and in both chambers to stop this dangerous rule and put forth solutions that allow the American people to enjoy economic opportunity and financial independence.”