Department of Labor should not appeal ruling against fiduciary rule

March 28, 2018, Fairfax, Va.—Americans for Limited Government President Rick Manning today issued the following statement urging the Department of Labor not to appeal the Fifth Circuit Court of Appeals’ ruling overturning the fiduciary rule:

“The Department of Labor need only do nothing, and after April 30 the fiduciary rule will be no more. All it has to do is take no for an answer by not appealing the Fifth Circuit’s ruling against the fiduciary regulation. The fiduciary rule threatened average Americans’ ability to employ commission-based brokers to manage their smaller portfolios, cutting off access to affordable investment advice. It favored larger firms over smaller ones, should have never been implemented, and now the Fifth Circuit is giving the financial sector a reprieve. The Department of Labor should accept it—and move on.”

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