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WASHINGTON – Rep. Virginia Foxx, R-N.C., today voted in favor of a disapproval resolution to stop the Obama administration from implementing its flawed fiduciary rule, which affects financial advisors and retirement investments.

“We have a retirement savings crisis in this nation, and it is vital that every American has access to high-quality advice and an array of financial products available at a low cost,” said Foxx during remarks on the House floor. “The Department of Labor’s fiduciary rule will significantly impact the ability of Americans to receive advice on how to save for retirement and make it more difficult for businesses, in particular small businesses, to establish retirement plans.”

The Department of Labor has issued a rule that expands the department’s complex pension rules to cover IRAs and changes the definition of who is classified as a financial advisor. The rule, which contains more than 1,000 pages of new regulations, makes it cost-prohibitive to offer advice or services to low and middle-income Americans by increasing compliance costs and the risk of litigation.  

The Congressional Review Act of 1996 established a process through which Congress can overturn regulations issued by federal agencies by enacting a joint resolution of disapproval. H.J. Res. 88 passed the House of Representatives by a vote of 234-183.

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U.S. Rep. Virginia Foxx represents North Carolina’s 5th Congressional District and is the elected Republican Conference Secretary. Dr. Foxx is the chair of the House Education and the Workforce Subcommittee on Higher Education and serves as Vice Chair of the House Rules Committee.