Senator David Perdue Statement On President Obama’s New Retirement Regulation

WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA) released the following statement in response to the U.S. Department of Labor’s decision to issue a regulation that limits Americans’ access to retirement investment advice:  

“Costly and confusing regulations have become an unfortunate legacy of the Obama Administration. One of the newest rules President Obama wants to impose will reduce the retirement savings options and the breadth of products relating to how middle-class Americans save for their future. For years, Americans have been underemployed and wages have been stagnant. Instead of driving investment costs up, the Department of Labor should promote greater choice and more options for people to save money. Georgians are already concerned with the federal government’s ability to plan for our country’s future. They shouldn’t have to worry about President Obama limiting their personal ability to save too.”

To stop the Department of Labor’s regulatory overreach, Senator Perdue co-sponsored two bills that would require Congressional approval before any investment and retirement savings rules issued by the Obama Administration go into effect: the Affordable Retirement Advice Protection Act, introduced by Senator Isakson (R-GA), and the Strengthening Access to Valuable Education and Retirement Support (SAVERS) Act, introduced by Senator Mark Kirk (R-IL).