Legislation Would Delay DOL Fiduciary Rule

Rep. Joe Wilson (R-S.C.) today introduced legislation that would delay the effective date of the Department of Labor fiduciary rule for two years.
 
The rule is set to become "applicable" on April 10, 2017. The delay would provide the new Congress and the incoming Trump administration with time evaluate the rule.
 
NAIFA President Paul Dougherty applauded the proposed legislation in a letter to Rep. Wilson.
 
“For well over a century, thousands of dedicated NAIFA members have helped individuals and families reach their financial goals,” Dougherty said in the letter. “NAIFA remains concerned that the final rule will reduce consumers’ access to honest, valuable information and advice from financial professionals about retirement products, such as 401(k)s, IRAs and annuities. A delay provides time for the new administration to conduct a thoughtful and appropriate review and to work with stakeholders toward public policies that help Americans achieve their financial and retirement security.”
 
NAIFA CEO Kevin Mayeux, in a recent letter to association members, expressed NAIFA’s commitment to addressing the DOL rule in the coming year.
 
“In spite of NAIFA’s efforts, which mitigated several of the draft rule’s troubling and unworkable restrictions, the final [DOL] rule still places undue burdens on advisors, companies and their clients,” Mayeux wrote. “NAIFA has teamed up with the ACLI to challenge the rule in court. We are pursuing opportunities to work with the new Congress and the Trump administration to reverse its harmful consequences and to put in place meaningful public policies to ensure the continuation of affordable access to financial guidance for individuals preparing for retirement.”
 
  • Posted January 6, 2017 IN


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