Congresswoman Ann Wagner, Chair of the Financial Services Subcommittee on Capital Markets, has formally opposed the Biden administration’s Fiduciary Rule. Wagner submitted an amicus brief to the Fifth Circuit Court on behalf of several financial organizations, including the American Council of Life Insurers and the Financial Services Institute, citing concerns that the rule could limit access to investment advice for many Americans.
Wagner says the rule could limit options for everyday investors. She stated in a press release, “I have fought the Biden Labor Department’s misguided Fiduciary Rule that severely limits access to financial advice for millions of Americans.” Critics of the rule argue it goes beyond congressional authority and could affect efforts to provide more choices in financial planning.
Supporting Wagner, 15 other members of Congress, including Reps. Buddy Carter (GA) and Tracey Mann (KS), co-signed the brief. The group expressed concern over how the Fiduciary Rule could affect the financial market and the retirement savings of everyday Americans.
