NAIFA Issues Statement on Labor Secretary Alexander Acosta

NAIFA President Paul Dougherty released the following statement on the Senate’s vote to confirm Alexander Acosta as the Secretary of Labor:
I would like to offer congratulations to Alexander Acosta on behalf of the National Association of Insurance and Financial Advisors. NAIFA looks forward to working with the Secretary of Labor to ensure that DOL regulations are effective and do not harm the very consumers they are meant to protect.
NAIFA has already submitted data and analysis to the DOL for use in its ongoing review of the fiduciary rule. We urge Secretary Acosta to seek an additional delay for the implementation rule as one is needed to ensure a thorough review.
NAIFA supports a best interest standard for advisors that does not harm retirement savers. We believe the current rule is likely to result in market disruptions, increased costs for retirement investors, and the loss of access to products and services for middle- and lower-income consumers. Should DOL reach the same conclusions, NAIFA looks forward to working with the secretary and the department as they revise or rescind the rule.
  • Posted April 28, 2017 IN

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