WASHINGTON (10/9/15)--One hundred and five legislators have signed a letter calling for significant changes to the U.S. Department of Labor’s (DOL) proposed fiduciary rule. The letter was composed by Reps. Mike Kelly (R-Pa.), and Sam Johnson (R-Texas), both members of the House Ways and Means Committee.
“We have serious reservations that the details of the current proposal will severely disrupt the availability of affordable financial education and investment advice while also restricting product choice and retirement security for many American Families,” the letter reads. “We hope you will make substantial changes to address the shortcomings of the proposed rule to reflect these concerns so that any final rule enhances retirement security.”
The DOL’s proposal would expand the definition of investment advice to sweep in additional persons and entities who will have to comply as “fiduciaries.”
CUNA has written a number of times to the DOL expressing similar concerns with the proposal, once during the original comment period, and a second time after many of CUNA’s concerns were brought up by others in a four-day public hearing on the proposal.
The Kelly-Johnson letter goes on to say that and regulation that expands the definition of investment advice should enhance retirement security by increasing access to retirement savings, improving income security, preserving investor choice and improving access to financial guidance and education.
In the letter, legislators push for: