Ayotte Votes to Support New Hampshire Small Business Owners, Families

Press Release

Yesterday, U.S. Senator Kelly Ayotte, member of the Senate Small Business and Commerce Committees, voted in favor of a House of Representatives' resolution of disapproval to block the Obama administration from implementing a harmful regulation that threatens New Hampshire small business owners and families' ability to plan ahead and save for retirement. Last month, Ayotte joined a group of senators in introducing a similar resolution of disapproval led by Senator Johnny Isakson (R-GA). Yesterday's vote on the House companion passed 56-41.

"I am pleased my colleagues voted to block DOL from implementing this harmful rule," said Senator Ayotte. "This rule would have negatively impacted the ability of low and middle income Granite Staters to get financial advice to plan for their futures. It also would have restricted New Hampshire small businesses' ability to provide financial products for their employees."

At the beginning of April, the Department of Labor (DOL) finalized its redefinition of the term "fiduciary" as it applies to investment advice for retirement savings plans. The change has come to be known as the "fiduciary rule" and DOL claims it is designed to safeguard against misleading investment advice. However, the rule took more than five years to develop and spans more than 1,000 pages. Although the final rule made some changes, it will still create more red tape, make it harder for New Hampshire small business owners to offer retirement saving options to their employees, and make saving for retirement more expensive for low and middle income families.

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