"The administration has said this proposed rule -- known as the 'fiduciary rule' -- will require retirement advisors to put the best interests of their clients above their own financial interests. That, of course, is an admirable goal and one we agree is worth pursuing.... However, as witnesses explained at a committee hearing this summer, the department's rule -- as proposed -- will impose on financial advisors a host of costly new mandates and burdensome regulations that will have far reaching consequences for those most in need of assistance. And as with most well-intended Big Government schemes, it's the people who need help who are hurt the most."

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