Following the U.S. Department of Labor’s promulgation today of a fiduciary rule that will make it more complicated for older Americans to get retirement investment advice, FreedomWorks Foundation Executive Director Curt Levey commented:

“The new rule is costly and complicated. It will make it harder for the small businesses and individuals who provide retirement investment advice to stay in business, while raising the price of this advice such that only the wealthy will be able to afford it.”

“Like so many others examples of regulatory overreach, this rule is disguised as protection for consumers, when it really is a tangled web of red tape that deprives America’s seniors of the freedom to plan for their retirement. We hope the Labor Department’s attempted takeover of seniors’ financial planning will be stopped by congressional action or litigation.”

FreedomWorks Foundation seeks to engage and educate Americans across all demographics on the principles of smaller government, lower taxes, free markets, personal liberty, and the rule of law. For more information, please visit www.FreedomWorks.org/Foundation, or contact Jason Pye at JPye@FreedomWorks.org.