Kustoff Applauds President Trump’s Executive Orders on Dodd-Frank and Fiduciary Rule
Washington, D.C. – U.S. Representative David Kustoff (TN-08) today released the following statement on President Trump’s executive orders announcing plans to undo Dodd-Frank and the Department of Labor’s Fiduciary Rule.
“Dodd-Frank was a poorly constructed law, and a replacement that promotes more transparency and competition in our markets is long overdue,” said Kustoff. “This law unjustly targeted small businesses, our greatest job creators, and forced American taxpayers to carry the burden of heavy-handed regulations. The American people need better access to capital to fuel our economic engine. This means getting rid of crippling, one-size-fits-all regulations.
“I am also glad President Trump has recognized that the Department of Labor’s Fiduciary Rule, enacted by President Obama, is an unnecessary limitation to Americans’ ability to grow their retirement funds through investment. Over the last eight years, we saw the Obama Administration make it harder for people to save for retirement, as more and more are relying on Social Security as a primary means of income.
“I am pleased to see the Trump Administration move in the right direction with their economic policy, and I look forward to working with my colleagues on the Financial Services Committee to continue rolling back this economy-crippling red tape, hold Washington and Wall Street accountable and allow more decisions to be made locally.”
Kustoff is a member of the House Financial Services Committee, serving on three subcommittees for the 115th Congress: Financial Institutions and Consumer Credit, Oversight and Investigation and Terrorism and Illicit Finance. He previously served as the U.S. Attorney for the Western District of Tennessee under President George W. Bush.