IRI CONGRATULATES NEW HOUSE COMMITTEE CHAIRS

Rep. Tim Walberg and Rep. French Hill Have Strong Retirement Security Records

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) congratulated two members of the U.S. House of Representatives who were selected to chair committees with jurisdiction over federal retirement security policy, specifically the oversight of ERISA and federal securities law.

Rep. French Hill (R-Ark.) was selected to chair the House Financial Services Committee. Rep. Tim Walberg (R-Mich.) was chosen to chair the House Education and the Workforce Committee when the next Congress convenes in January.

“Rep. Hill and Rep. Walberg are two strong leaders with proven records on retirement security issues that have benefitted millions of America’s workers and retirees,” said Wayne Chopus, President and CEO at IRI. “Both have supported legislation to improve access to workplace retirement plans and policies facilitating access to guaranteed lifetime income products. They also took action to protect consumers’ choice of professional financial guidance and retirement products by fighting to overturn the U.S. Department of Labor’s harmful, one-size-fits-all fiduciary rule.”

Rep. Walberg has long advocated for IRI-supported bills that help facilitate access to and use of lifetime income solutions. He was the lead sponsor of an annuity selection safe-harbor bill, which made it less burdensome to include annuities in retirement plans. Congress included the measure in the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. Additionally, he has been a consistent critic of DOL’s 2016 and 2024 fiduciary rules. He is a recipient of IRI’s Federal Champion of Retirement Security Award.

Rep. Hill also demonstrated leadership and commitment to the retirement security of America’s workers and retirees as one of the leading opposition voices to the latest DOL fiduciary rule. He led the only bipartisan congressional letter demanding that DOL withdraw because of concerns about the harm it would cause to lower—and middle-income employees.

He also has supported several measures advocated by IRI and voted for the SECURE Act, the SECURE 2.0 Act, and the Registration for Index-Linked Annuities (RILA) Act.

“We look forward to working with these exceptional leaders to advance additional, needed legislation to help more workers and retirees achieve a secure and dignified retirement,” Chopus said.

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 Contact: Dan Zielinski