This regulation will ultimately jeopardize the ability of families to achieve their goals of financial independence and retirement security. By advancing [Wagner’s] bill, H.R. 1090, the committee will provide Americans with more choices and greater freedom to save for their future.
A similar bill passed the House with a bipartisan majority in the previous Congress.
ABA has strongly urged DoL to withdraw its proposed rule, arguing that it would hinder banks’ ability to offer 401(k)s, IRAs and retirement financial planning to their customers and thus limit the choices available to everyday retirement savers.