Wagner Applauds DOL Decision to Drop Fiduciary Case Following Her Years of Advocacy

November 26, 2025 Press Release This decision comes after Rep. Wagner’s decade-long efforts to overturn this rule Washington, D.C. – Congresswoman Wagner (R-MO), Chair of the Financial Services Subcommittee on Capital Markets, released the following statement after the Department of Labor moved to dismiss its appeal in the Fifth Circuit Court that was defending the Biden Labor Department’s 2023 Fiduciary Rule: “This is great news for Main Street investors and families looking to save for retirement!  I have been proud to lead the charge against this completely reckless rulemaking since I first came to Congress.  The so-called Fiduciary Rule was overly burdensome and reduced economic choices for consumers at a time when Missourians need and deserve greater options as they save for important moments in their lives. “This has been a long and arduous fight, but we have finally achieved victory for the American people.  Over the years, and as Chair of the Financial Services Subcommittee on Capital Markets, I have made it my mission to rally my colleagues in Congress and stand up to President Obama and President Biden as they decreed that their Labor Departments know better than you.  This rule was a misguided, big-government attempt to dictate your personal financial choices, and I am glad this comes immediately after I filed an Amicus Brief with the Court asking them to strike down this rule.  Make no mistake, this is a victory for American families across the country.” Background Congresswoman Wagner has been the leader in Congress fighting against this Fiduciary Rule.  These efforts include multiple public statements over the years beginning in the Obama Administration as well as the below actions challenging this misguided rule. Amicus Brief challenging the Biden Fiduciary rule Letter to Department of Labor detailing major concerns Holding DOL Deputy Secretary Julie Su to task Supporting Trump Administration Regulation Best Interest Rule Inclusion of language stopping the Fiduciary Rule from being implemented in FY18 Appropriations legislation Introduction and Committee passage of the PASS Act Introduction and passage of H.J. Res. 88, Protecting Access to Affordable Retirement Advice Letter to DOL Secretary Tom Perez Introduction and passage of the Retail Investor Protection Act