Cole Responds to Department of Labor's Fiduciary Rule
Washington, D.C. – Congressman Tom Cole (OK-04) responded to the attempt by the House to override the President’s veto on the disapproval of the Department of Labor’s definition of “fiduciary.” This legislation, H.J.Res. 88, would have nullified the regulation issued by the Department of Labor to revise the term “fiduciary,” ultimately changing the responsibilities within pension and retirement planning.
“I am disappointed that my Democratic colleagues have not recognized that this Administration has clearly crossed too many boundaries,” said Cole. “The Department of Labor does not have the authority, or the expertise to regulate the financial industry, and frankly, it’s another attempt by the Administration to meddle in the affairs of the private sector. Changing this rule has unwanted consequences, adversely affecting many Americans’ ability to save for retirement. It’s unfortunate that our intention to stop these burdensome regulations and the President’s abuse of the veto was rejected last night.”