House Republicans Seek to Roll Back Labor Department’s Retirement Savings Rule
Will New Regulation Protect or Limit Access to Retirement Advice?
According to bloomberglaw, House Republicans are trying to stop a new rule from the Labor Department. This rule makes sure that people who help others with their retirement savings act in their best interests. Republicans don’t like this rule because they think it’s too strict and will make it harder for people to get help with their retirement.
Democrats think the rule is important because it will help protect Americans retirement savings. They believe that some people who help with retirement savings might not always have the best interests of their clients in mind. The Labor Department wants to make sure that these people act fairly and honestly. Republicans disagree and think the rule will hurt people who need help with their retirement savings.
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House Vote Looms as Republicans and Democrats Clash over Regulation of Retirement Savings Advisors
The fight between Republicans and Democrats is just one part of a bigger battle about how much power government agencies should have. The Labor Department made this rule to help workers, but Republicans think it’s too much government interference. The issue now goes to the full House for a vote, where it might pass. If it does, the president will have to decide whether to sign it into law.