Rep. Ann Wagner, U.S. Representative for Missouri's 2nd District | Official U.S. House headshot
Rep. Ann Wagner, U.S. Representative for Missouri's 2nd District | Official U.S. House headshot
Washington, D.C. – Congresswoman Ann Wagner (R-MO), Chair of the Financial Services Subcommittee on Capital Markets, strongly criticized the Department of Labor's new Fiduciary Rule. Wagner stated, "Disguised as an attempt to eliminate so called ‘junk fees,’ the Biden Administration’s rushed rulemaking will leave millions of low-and middle-income retail investors without access to sound investment advice, forcing them to endure higher costs, fewer choices, and reduced service."
Wagner went on to express her disapproval, mentioning, “Joe Biden needs to stop treating people like children and making decisions for them. I am a firm believer Americans know what’s best for themselves, not the government.”
Highlighting her concerns about the Department of Labor's actions, Wagner remarked, “The Department of Labor has yet again gone outside of its authority and unconstitutionally made itself the sole regulator of $26 trillion in American retirement funds." She also indicated her intention to challenge the rule, stating, "While I expect this rule to be challenged in court, it’s time for Congress to act and stand up for American families that want nothing more than to save for their future. I look forward to working with my colleagues in overturning this disastrous rulemaking."
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