MARCH 2, 2016 | By James J. Green | Think Advisor
The congressman’s tongue-in-cheek ‘fi-du-ci-a-ry’ definition claims rule would ‘hurt millions of hardworking Americans’
Following up on his criticism of the Department of Labor’s proposed fiduciary redefinition under ERISA, House Speaker Paul Ryan, R-Wis., released Tuesday a statement charging that the rule would create “more paperwork and costly recordkeeping requirements for financial planners.”
The speaker’s latest criticism, presented in the form of a typical dictionary entry, defined the rule as a “one-size-fits-all regulation from the Obama administration” that in addition to placing a burden on financial planners would also restrict “access to quality investment advice for upwards of 7 million Americans.” On Feb. 28, Ryan referred to the proposed DOL rule when he tweeted to his 583,000 followers that “this one rule could hurt millions of middle-class savers.”
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