EC Georgia News

Congressman Rick W. Allen (GA-12) has expressed his concerns over President Biden's Department of Labor (DOL) finalizing a fiduciary rule that he believes will have negative consequences for many Americans seeking financial advice. In a statement released today, Congressman Allen highlighted the potential impact of the rule on American families' access to financial planning resources.

Allen stated, "Today’s finalized fiduciary rule from President Biden’s DOL will have far-reaching implications for millions of American families seeking quality financial advice as they prepare for the future." He further emphasized, "This rule will throw countless retirement plans, retirees, and savers into a regulatory nightmare."

In response to his concerns, Congressman Allen announced his plans to take action, saying, "...I have immediate plans to introduce a Congressional Review Act Resolution of Disapproval to nullify this harmful rule and protect American families’ access to financial planning resources."

The fiduciary rule finalized by President Biden's DOL has sparked debate and opposition from individuals like Congressman Allen who believe it could limit access to financial advice for hardworking Americans. Allen's proposed resolution aims to address these concerns and safeguard the interests of American families in financial planning matters.