Congressman Rooney Votes to Pass Affordable Retirement Advice for Savers Act Legislation heads to Full House for Vote

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Congressman Rooney Votes to Pass Affordable Retirement Advice for Savers Act Legislation heads to Full House for Vote, July 19, 2017 | Chris Berardi (202-897-7700) | comments

Washington, DC – Today, in the Education and the Workforce Committee, Congressmen Francis Rooney voted to support H.R. 2823, the Affordable Retirement Advice for Savers Act. This legislation will repeal the fiduciary rule, which imposed costly new mandates and burdensome regulations on savers, and protect access to affordable retirement advice for low- and middle-income families.

Congressman Rooney stated, “I am proud to support this common-sense legislation. This is another step in removing damaging regulations that left behind low- and middle-income families that are trying to plan for the future. More than 25% of Americans over the age of 55 have no retirement savings. H.R. 2823 makes it easier and more affordable for families to save money and have a secure retirement, and insures that families have access to qualified financial planners that work in their best interest.”

H.R. 2823 Background: House Republicans want to empower working families to save for retirement and protect access to affordable retirement advice for low- and middle-income individuals. The legislation would overturn the flawed fiduciary rule while improving policies governing financial advice to enhance protections for retirement savers.

  • Strengthen retirement planning by requiring financial advisors to serve their clients’ best interests.
  • Enhance transparency and accountability through clear, simple, and relevant disclosure requirements.
  • Ensure small business owners continue receiving the help they need to provide retirement plans for their employees.
  • Protect access to high-quality, affordable retirement advice so more Americans can retire with dignity and financial security.

 

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