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Manchin Leads Bipartisan, Bicameral Effort to Overturn Biden Administration Investment Planning Rule

May 15, 2024

Washington, DC – Today, U.S. Senator Joe Manchin (D-WV) led his colleagues in introducing a bipartisan, bicameral Congressional Review Act (CRA) resolution to overturn a rule from the Department of Labor (DOL) that would endanger financial choice and access. The DOL’s new rule broadens the definition of a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA), which threatens a wide range of financial tools that consumers in West Virginia and across the country rely on, including basic financial education and investment planning courses, life insurance, annuity plans, and other financial instruments.

 

“This Department of Labor rule is yet another example of dangerous federal overreach. While I understand the Administration’s intent to protect Americans’ retirement savings, the truth of the matter is this does the exact opposite,” said Senator Manchin. “If allowed to go into effect, the rule has the potential to cause many West Virginians to actually lose access to investment advice due to how broadly the rule defines fiduciary. Hardworking West Virginians and Americans need protection, not uncertainty when it comes to their long-term financial security, and they certainly do not want or need the federal government further involved in their personal retirement decisions. I encourage my colleagues on both sides of the aisle to support our Congressional Review Act resolution of disapproval to overturn this reckless rule.”

 

Senator Manchin, the only Democrat to cosponsor the resolution, was joined by Senators Ted Budd (R-NC), Bill Cassidy, M.D. (R-LA), Roger Marshall, M.D. (R-KS), Kevin Cramer (R-ND), John Barrasso (R-WY), Chuck Grassley (R-IA), Steve Daines (R-MT), Joni Ernst (R-IA), Bill Hagerty (R-TN), Jim Risch (R-ID), Roger Wicker (R-MS), Mike Crapo (R-ID), James Lankford (R-OK), Marsha Blackburn (R-TN), and Mike Braun (R-IN). Representative Rick Allen (R-GA) introduced companion legislation in the House.

 

The full text of the resolution is available here.


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