U.S. Chamber of Commerce President and CEO Tom Donohue said Tuesday the “misguided” rule to impose a fiduciary duty on financial advisors to pension fund participants would make retirement savings much harder for middle-class families.

“If we have to go to court, we will,” said Donohue.

The Department of Labor has set a goal of proposing fiduciary guidelines this year.

In his annual State of American Business speech, Donohue called for the nation to have a modern financial regulatory system that promotes financial stability and growth.

Taking aim at the federal regulators, he chastised them for going far beyond the “overkill” in the Dodd Frank Act.

Donohue said individual businesses are hurt and frustrated by having to comply with a handful of financial regulators who are often in conflict with each other.

Predicting 3 percent to 3.5 percent gross domestic product growth for the coming year, he said the economy has had a few good quarters but the nation is not out of the woods yet.

One of the biggest barriers to prosperity, Donohue said, is that the number of adult Americans in the workforce is at its lowest level since 1978.

While lauding Republican control of the House and the Senate in the last election, he said that division with the Democratic President is not an excuse to do nothing, but an opportunity to work together.

Despite the decline in oil and natural gas prices, he said the domestic energy industry has the potential to add millions of new jobs and billions in new revenue for federal and local government.

During his speech, Donohue called for a consolidation among financial regulators, pointing out there are nearly two dozen of them.