House Speaker Paul Ryan’s Task Force on Reducing Regulatory Burdens unveiled a financial regulatory agenda Tuesday calling on regulators to help financial institutions create innovative products while policing new offerings for fraud and deception.
Without mentioning it by name, the task force appeared to take aim at the Labor Department’s proposed fiduciary rule for retirement plan advisors by urging the reduction of costly and duplicative regulations that are hampering Americans’ access to affordable financial products and services.
“(Financial independence) is best achieved through more choices, not more regulations,” said the report.
The task force also urged regulators to allow for more financing options for small businesses.