Financial Planning Coalition Statement Opposing Congressional Vote to Stop DoL Fiduciary Rule

Washington, D.C. – The Financial Planning Coalition – comprising Certified Financial Planner Board of Standards, Inc. (CFP Board), the Financial Planning Association® (FPA®) and the National Association of Personal Financial Advisors (NAPFA) – issued the following statement regarding today’s House vote to stop the Labor Department’s final fiduciary rule under the Congressional Review Act:

“Congress’ latest move is an effort to derail critical reform needed to protect millions of Americans’ retirement savings. The Department of Labor, through careful deliberation and review, has crafted a final rule that brings additional consumer protections, preserves access to retirement advice and ensures financial service firms can continue to serve their clients. Many major financial services firms and organizations have signaled their support for the rule; Congress should now do the same.”