June 21, 2016

U.S. House of Representatives
Washington, D.C. 20515

Dear Representative,

On behalf of the more than one million members and supporters of the Council for Citizens Against Government Waste (CCAGW), I urge you to support the veto override of H. J. Res. 88 concerning the fiduciary rule issued by the Department of Labor (DOL).

The proposed rule, called “Obamacare for your IRA,” will make it more difficult for individuals to open their own IRA accounts and for companies to offer 401(k)s to their employees under the guise of combating fraud by financial professionals.  Experts believe this rule will keep stock brokers and financial advisors from serving households with $50,000 or less in assets and could cost those saving for their retirement $80 billion over the next 10 years.  As a result of the DOL rule, agency bureaucrats will have the power to decide which investments are in an individual’s “best interest” and prevent investments in gold or real estate.

This rule will impede individuals from seeking and acquiring expert advice and substitute the opinion of an unqualified federal bureaucrat in preparing for their retirement.  I urge you to vote to override the president’s veto and give Americans the control they deserve over a very personal and critical decision-making process for their future financial well-being.  All votes on H. J. Res. 88 will be among those considered in CCAGW’s 2016 Congressional Ratings.

Sincerely, 

Tom Schatz
President, CCAGW