NAIFA Tells OMB of Potential Concerns About DOL Fiduciary Rule

The federal Office of Management and Budget is conducting a review of the Department of Labor’s draft fiduciary rule for financial professionals who provide retirement accounts advice. The OMB review comes prior to DOL’s officially proposing the rule and making it subject to public review.
However, based on statements by the President and other members of the administration, NAIFA has some apprehension about potential impacts of the rule.   
NAIFA President Juli McNeely and Acting CEO Michael Gerber sent a letter to OMB’s Office of Information and Regulatory Affairs Administrator Howard Shelanski asking the office to consider a number of NAIFA’s concerns during its review of the potential DOL rule.
Specifically, NAIFA has stressed to OMB that the rule must do nothing to “hinder access to professional guidance for lower- and middle-income retirement savers.” Because the Securities and Exchange Commission is also considering new fiduciary regulations for financial professionals, NAIFA said that it is important that the SEC and DOL rules do not conflict in ways that could “create roadblocks for consumers seeking [financial] help.”
  • Posted April 8, 2015 IN

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