Pelosi rallies Democrats to defend the fiduciary rule

House Minority Leader Nancy Pelosi (D-Calif.) is rallying members of her party to save a controversial financial-adviser rule.

The Labor Department’s so-called fiduciary rule would require financial advisers to act in the best interest of their clients who are saving for retirement, but Republicans have put it on the chopping block. They say it would raise costs and discourage low-income Americans from seeking retirement advice.

The House is expected later this week to disapprove of the fiduciary rule under the Congressional Review Act, which gives lawmakers 60 days to overturn regulations once they have been finalized.

The Senate is also working on a similar measure.

In a letter to Democrats, Pelosi urged them to defend the fiduciary rule against these Republican attacks.

“I urge you to vote NO on this misguided legislation, which undermines President Obama and [Labor] Secretary [Thomas] Perez’s efforts to protect the retirement security of millions of Americans,” Pelosi wrote Wednesday.

“Ensuring that all Americans can save for retirement in a fair and transparent marketplace is vital to the strength of our economy and essential to the future of hard-working families,” she added. “I urge you to oppose the misguided Republican effort to delay the strongest consumer protections for retirement savers.”