Article courtesy of The Libertarian Republic, written by Juliegrace Brufke.
The Senate passed a measure Tuesday aimed at stopping a Department of Labor regulation critics fear will limit low- and-middle income Americans from seeking retirement advice.
“This rule will reduce the availability of investment advice for retirees and make the advice that is available more expensive. Higher costs and a more burdensome system also means more expenses for small businesses trying to sponsor retirement plans for their employees,” Senate Finance Committee Chairman Orrin Hatch said in a statement.
The 1,000-plus page fiduciary rule, which GOP lawmakers have dubbed “Obamacare for your retirement plan,” places new regulations and mandates on retirement advisers.