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Overnight Finance: Path clears for Ryan; GOP backing off debt-limit bill

Citations

The Hill interviews John Berlau on CEI's recent coalition letter written to Congress urging them to defund the Department of Labor's fiduciary rule.

John Berlau at the right-leaning Competitive Enterprise Institute: "Today, a coalition letter signed by leaders of 33 leaders of free-market and conservative public policy organizations urges Congress to defund the Department of Labor's (DOL) 'fiduciary rule' takeover of 401(k)s and individual retirement accounts (IRAs). The letter, coordinated by the Competitive Enterprise Institute, states that Congress 'must exercise its power of the purse' to stop this 'action by the administration that has attracted bipartisan opposition owing to the massive negative effects it would have on Americans' retirement savings.'

"Stretching to the bone its narrow authority over pensions from the 40-year-old Employee Retirement Income Security Act, the DOL has proposed a rule that would cause great harm to middle-class savers. This rule would severely restrict investment choices in savings plans such as 401(k)s and individual retirement accounts (IRAs), especially by poor and middle class investors, by forcing investment professionals to adhere to a one-size-fits-all definition of 'best interest' for assets and investing strategies in these savings plans.