Rep. Roskam: Proposed DOL Rules 'A Bad Proposition'

If the proposed fiduciary rules set forth by the U.S. Department of Labor are put into play, many Americans would lose out, especially “younger savers and those who have not had a lot of time to acquire significant savings” for retirement, Rep. Peter Roskam (R-IL) told NAIFA members during NAIFA’s Political Involvement and Political Action Training Meeting Dec. 2.
 
“The state of play on DOL is a bad proposition for a lot of reasons,” Roskam said. “My perception is there are people who basically think that America, in the private sector, ought not to be involved in the retirement space” and that the public sector should take control of managing America’s retirement savings, he said. If the DOL rules move forward, the private sector will be crowded out of the retirement space and the U.S. government will be there to fill the gap. “That is a bad proposition,” Roskam said.
 
Roskam urged NAIFA members to continue to educate members of Congress about the impact of the DOL rule. “Don’t underestimate your ability to bring the debate to the forefront and to be out there and explain (the problem). You’re dealing with this every day. You have the capacity to explain things … and to tell us why it’s a problem and why we need to address it.”
 
On Dec. 4, NAIFA praised legislation to be introduced by a bipartisan working group aimed at strengthening retirement security of working families and ensuring retirement advisors protect their clients' best interests.
 
In addition to  Rep. Roskam, members of the working group are: Reps. Richard Neal (D-MA), Phil Roe (R-TN), John Larson (D-CT), Buddy Carter (R-GA) and Michelle Lujan Grisham (D-NM). The  congressional working group developed principles for legislation that would create a best-interest standard for advisors while avoiding the problematic requirements and restriction of the DOL proposal. In a press release, the group indicated it is finalizing the legislative language and expressed optimism that they will introduce a bill soon.


Comments
Michael Grec
This is not fair for all Americans, is it?
12/10/2015 9:56:49 AM