NAIFA commends Rep. Judy Biggert (R-Ill.) and 54 of her colleagues in the House of Representatives who today sent a letter to Department of Labor Secretary Hilda Solis asking that any forthcoming rule changing the ERISA definition of fiduciary “recognize the broad range of financial products and services currently available and avoid costly new regulations” that would reduce consumers’ retirement investment options.
DOL withdrew a previously proposed rule after an outcry among members of Congress and advocacy groups, including NAIFA, that the rule would have harmed Americans struggling to save for retirement.
“The Department of Labor should certainly listen to these members of Congress, who insist that any fiduciary requirement cannot make it more difficult for financial advisors to help clients, especially those in middle- and lower-income brackets, save for retirement,” said NAIFA President Robert Miller. “NAIFA has long said that the department needs to be wary of imposing an overly rigid fiduciary rule with unintended consequences that would raise costs and reduce access to advice for millions of middle class retirement savers.”
The Department is expected to re-propose a fiduciary rule early next year.
