Ryan Says ‘Bureaucrat Bullies’ Behind Fiduciary Rule

If you thought things were going to be quiet between now and the anticipated publication of the Labor Department’s fiduciary rule next month — well, you’d be wrong.

Speaker of the House Paul Ryan (R-Wisc.) has now weighed in on the issue, claiming that “the bureaucrats bullied it through.” Citing the Feb. 24 report issued by the Senate Homeland Security and Governmental Affairs Committee chaired by Sen. Ron Johnson (R-Wisc.), Ryan said the report “shows the DOL’s utter — and seemingly willful — neglect of the consequences of this rule.”

Ryan continued, “It’s a story we’ve heard before. Nonpartisan, professional experts raise concerns, ask for deliberation in the rulemaking process, while politically-appointed bureaucrats bully their way through the process with one thing in mind: a finalized regulation to finish while the president is still in office.

“Whatever the original intent of the fiduciary rule was, it got trampled by blindsided bureaucratic ambitions,” Ryan wrote, calling on the Obama administration to “stop its rule before it is finalized. The cost to American savers is too high.” In a Feb. 22 blog post about the fiduciary rule, Ryan said, “We are determined to do everything possible to protect consumers and stop this rule.”

Meanwhile, Obama administration officials are not sitting idly by. On Feb 23, Secretary of Labor Thomas Perez and White House official Jeffrey Zients held a meeting on Capitol Hill to shore up support among Democrats — none of whom, at least ahead of the publication of the rule, appeared to be ready to withdraw their support.

As for that publication date, strong signals from the government suggest the fiduciary rule will be released by the end of March.

Stay tuned.

Add Your Comments

4 Comments

  1. Posted February 25, 2016 at 10:37 am | Permalink

    If Paul Ryan says its bad,,,, It must be a good thing…Paul Ryan is a complete hypocrite…

  2. Michael Bartolotta
    Posted February 25, 2016 at 11:00 am | Permalink

    Participants aren’t getting the support they deserve currently – the suggested major alteration to further protect participants (if done with proper deliberation and thought) will just widen the distance between advisor and participant. Thus creating a gap that most likely will be filled by robo advisor models developed by big banks and wire houses underwritten by their immense legal teams – this will create a fail safe barrier that will leave the participant out in the cold once and for all…with no recourse.

    Time to buy that sailboat and retire.

  3. Posted February 25, 2016 at 4:47 pm | Permalink

    Ryan will suck up to whoever he believes holds the wealth and power. He doesn’t realize it ain’t Wall Street, it’s our clients. I agree with Neil Glickman; if Ryan’s against it it must be right.

  4. R James
    Posted February 26, 2016 at 7:47 pm | Permalink

    Like him or not, Ryan is spot on. The rule does nothing but create more separation between middle class clients and advisors….hence just what the left wants. Then when the public complains because they eventually have no assistance with their financial planning, ‘big bro” comes in says we’ll help you, we’ll set up gov’t programs to provide financial advice for consumers. Of coarse because it’s the government they must be experts on this too….NOT!! Then just like with Obamacare, the government gets bigger, costs to the consumer increase and no one benefits. The rule is following the same track as Obamacare. Recall – “We need to pass this so we can find out what’s in it”. Elizabeth Warren wants to rush this through not because it’s right, or well drafted, but so it can get passed before Obama leaves office. Wake up people!!

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