Boehner blasts decision to kill investment advice rule

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Boehner blasts decision to kill investment advice rule

By Sara Hansard

November 20, 2009 8:49 am ET

House Republican Leader John Boehner, R-Ohio, criticized the Obama administration's decision yesterday to scrap a Bush administration rule that would have allowed investment advisers to provide advice to 401(k) plan participants.

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“It is outrageous that the Obama administration would deny workers their right to high-quality investment advice that could help them restore valuable savings that have been lost because of this economic recession,” Mr. Boehner said in a statement issued Thursday evening.

Mr. Boehner, who led the push to expand investment advice to 401(k) participants when the Pension Protection Act of 2006 was enacted, said that Republicans “are committed to offering better solutions to help restore Americans' savings and sure that Washington does not stand in the way. It's time for Washington Democrats to end the policies that are destroying Americans' savings and work with Republicans on better solutions to rebuild them.”