NAIFA thanks the members of the Congressional Black and Hispanic caucuses who in a Letter to the Department of Labor expressed their concern over the DOL’s proposed rule to amend the definition of “fiduciary.”
“At a time when many Americans are struggling to ensure a secure retirement, we have concerns that the Department’s re-proposal could severely limit access to low cost investment advice,” the lawmakers said in the letter. “We believe the Department should adopt policies that expand access to advice, particularly in light of the racial and gender disparities that currently exist in retirement savings.”
NAIFA has long said that the Department needs to be wary of imposing an overly rigid fiduciary rule with unintended consequences that would raise costs and reduce access for millions of middle class retirement savers.