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house Bill H. Joint Res. 88

Does Congress Need to Block New Regulations on Financial Advisors?

Argument in favor

The Dept. of Labor’s rule would make it harder for low and middle income families to afford retirement planning and investment advice through its mandates on advisors. Congress needs to reject this new regulation, as investment advisors are already required to avoid conflicts of interest.

wsdraperv's Opinion
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04/28/2016
I'm a financial advisor and I deal with very strict FINRA rules already. The DOL ruling will make it more difficult and expensive for clients. A fiduciary rule is unnecessary as a suitability rule works just great.
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operaman's Opinion
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04/28/2016
If these new regulations are not from Congress and they are not, then they are not Laws. Sorry Obama, try working with Congress instead of using your PEN and your PHONE.
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Loraki's Opinion
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04/28/2016
The dadgummed Obama Administration never met a regulation they didn't like! Time to cut government down to size and use the money we save to rejuvenate our aging infrastructure and rebuild our military (minus all the social engineering garbage Obama has been forcing on it), and whittle down the national debt!!!
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Argument opposed

Congress needs to allow this rule to proceed to prevent unscrupulous financial advisors from exploiting their clients for their own benefit. President Obama has already threatened to veto this effort to block the rule, so unless Congress thinks they can override a veto they shouldn’t bother.

Nancy's Opinion
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04/30/2016
Having worked in a profession that is heavily regulated, I know that regulations are needed to keep corruption and self-serving behaviors at a minimum. These regulations are not that intrusive and make good sense and are common sense. We owe it to the public to provide them a minimum level of protection against those that will take advantage of them if possible. Partisanship should Never be used as an excuse not to do what is ethically right for the common good of our citizenry.
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Steven's Opinion
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05/01/2016
Banks and big business have gambled with impunity using the taxpayers as a safety net long enough. If I'm on the hook for your reckless behavior then you need rules.
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David's Opinion
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04/28/2016
The new rules require advisors to act in the best interests of their clients -- the same standard as wealthy clients already have. Rather than pricing middle class out of a market, the new rules provide an equal playing field for all investors
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joint resolution Progress


  • Vetoed
    The President has not signed this bill
  • The senate Passed May 24th, 2016
    Roll Call Vote 56 Yea / 41 Nay
  • The house Rejected June 23rd, 2016
    Roll Call Vote 239 Yea / 180 Nay
      house Committees
      Committee on Education and Labor
      Committee on Ways and Means
    IntroducedApril 19th, 2016

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    I'm a financial advisor and I deal with very strict FINRA rules already. The DOL ruling will make it more difficult and expensive for clients. A fiduciary rule is unnecessary as a suitability rule works just great.
    Like (20)
    Follow
    Share
    Having worked in a profession that is heavily regulated, I know that regulations are needed to keep corruption and self-serving behaviors at a minimum. These regulations are not that intrusive and make good sense and are common sense. We owe it to the public to provide them a minimum level of protection against those that will take advantage of them if possible. Partisanship should Never be used as an excuse not to do what is ethically right for the common good of our citizenry.
    Like (35)
    Follow
    Share
    Banks and big business have gambled with impunity using the taxpayers as a safety net long enough. If I'm on the hook for your reckless behavior then you need rules.
    Like (31)
    Follow
    Share
    The new rules require advisors to act in the best interests of their clients -- the same standard as wealthy clients already have. Rather than pricing middle class out of a market, the new rules provide an equal playing field for all investors
    Like (20)
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    Why block regulations on the same companies that caused the financial crises? More regulations here, not fewer protect small businesses & consumers from shady financial institutions!
    Like (16)
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    If these new regulations are not from Congress and they are not, then they are not Laws. Sorry Obama, try working with Congress instead of using your PEN and your PHONE.
    Like (10)
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    The exploitation of citizens by unscrupulous financial advisers shall end; with this nay vote we move one step closer to a more stable marketplace.
    Like (9)
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    I can't believe that this bill is even under consideration! I have two good friends who have lost thousands of dollars in their retirement accounts due to false advise about investing in unlisted reits. Had the "salesmen" who recommended these products been held to some fiduciary standards, this would not have happened. Any congressman voting for this bill is clearly in to pocket of wallstreet crooks.
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    This bill should be renamed as: "Should financial advisors continue to take advantage of their clients' 401k/IRAs, without any disclosures?". My answer to that is NO. Today, financial advisors can easily tell you to invest in a fund that is "suitable" but costs you a lot more money throughout your life and delays your retirement. They can do this, and get paid for that, costing you money and making money for the financial advisor and the fund's manager. Let's not allow that.
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    Anything to protect the people who wants to pull a fast one on you. The politicians are mostly lawyers. So as usual things are in their favor. The public needs protection. Just my opinion
    Like (7)
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    Fiduciary responsibility to your clients should be mandatory.
    Like (5)
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    The dadgummed Obama Administration never met a regulation they didn't like! Time to cut government down to size and use the money we save to rejuvenate our aging infrastructure and rebuild our military (minus all the social engineering garbage Obama has been forcing on it), and whittle down the national debt!!!
    Like (5)
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    It's incredible we even have to have this conversation/vote. Obviously we should not allow financial advisers to screw the client over for their own gain. Investment banks have done this for far too long with the tax payers on the line for their greed. We are at a pivotal point in our country. Are we going to fall completely into a corporate fascist society?? NAY
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    Financial advisors are not fiduciaries. They don't act on the best interest of consumers/investors. Regulation is required to ensure consumers of their products are aware of this or that they are required to act on the consumer's best interests.
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    Financial advisors, unless they are a fiduciary, are not legally obligated to act in the best interest of the investor. That's messed up. Though there may be some decrease in "access" to financial advisors, we cannot consider the advice of a non-fiduciary to be sound advice. Therefore, the DOL's rule must be permitted to go through, protecting Americans' retirement money.
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    Please force financial advisors to act as fiduciaries. Right now, without adequate regulations, they often persuade people to do unwise things with their money just for the commissions.
    Like (3)
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    We need more regulation on anyone who controls our financial future. They should be held accountable
    Like (3)
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    Steep regulation when it comes to matters such as this is necessary. Conflicts of interest are not acceptable when others are handling your money.
    Like (3)
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    Congress needs to be proactive when it comes to financial advisors.
    Like (3)
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    We've seen Financial Advisors exploit clients due to commission incentives. The DoL ruling realigns their incentives, and better ingrains their capacity to keep their clients interests first.
    Like (3)
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