NAIFA Supports PASS Act Introduced by Rep. Wagner

Rep. Ann Wagner (R-Mo.) last week introduced the Protecting Access for Small Savers Act (PASS Act) that would repeal the Department of Labor’s rule establishing a fiduciary standard for advisors working with retirement investors and establish a standard of conduct for all broker-dealers that would be enforced by the Securities and Exchange Commission.
 
“NAIFA supports Representative Wagner’s legislation,” said NAIFA CEO Kevin Mayeux. “Studies and surveys by NAIFA and other organizations show that the DOL fiduciary rule is already negatively impacting relationships between advisors and their clients, forcing companies to narrow their retirement plan and service offerings, and reducing consumer access to retirement planning assistance. The PASS Act would help mitigate these impacts. As we move forward on the issue, NAIFA will continue to work with Congress, the SEC, and the DOL to ensure that advisors are able to continue offering critical advice and products to everyday Americans preparing for retirement.”
 
  • Posted October 4, 2017 IN


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