Rep. Kelly & Chairman Johnson Introduce Retirement Choice Protection Act

Nov 4, 2015

Bill improves Labor Department’s controversial fiduciary rule to protect Americans’ access to quality retirement advice

WASHINGTON — U.S. Representative Mike Kelly (R-PA) – a member of the House Ways and Means Committee – issued the following statement today after introducing H.R. 3922, the Retirement Choice Protection Act of 2015, with Social Security Subcommittee Chairman Sam Johnson (R-TX). The legislation will provide a workable “best interest” standard to the U.S. Department of Labor’s (DOL) proposed rule on fiduciary standards.

Statement by Rep. Kelly:

“The Labor Department’s fiduciary rule will have a devastating impact on the ability of everyday Americans to save for their retirement. By adding a workable best interest standard to this ill-conceived rule, we will ensure that American families can continue to receive affordable investment guidance for a secure retirement while making it easier for small businesses to provide retirement benefits to their employees. I am very proud to work with Chairman Johnson, a longtime leader on retirement issues, on this commonsense legislation to avert unnecessary hardship for Americans caused by yet another harmful Obama administration regulation.”

Statement by Chairman Johnson:

“Yet again the Obama Administration is putting out another harmful rule. This time Obama’s Labor Department is putting out a rule that will hurt hardworking Americans’ ability to save for their retirements. That’s just wrong. To right that wrong, I’m proud to join my colleague Congressman Kelly in introducing commonsense legislation that will ensure Americans can continue to get the help they want, need and deserve when it comes to planning and saving for retirement. Washington should not get in the way of Americans trying to save for retirement”

NOTE: Rep. Kelly is the Republican chairman of the House Retirement Security Caucus. Last month he co-authored a joint letter with Chairman Johnson to Labor Department Secretary Thomas Perez to express concerns that the proposed fiduciary rule “will severely disrupt the availability of affordable financial education and investment advice while also restricting product choice and retirement security for many American families” and to urge the secretary to implement “substantial changes” to fix the rule’s shortcomings. The letter was co-signed by 103 members of the U.S. House of Representatives. It can be viewed here.