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Statement on Congressional Letter to Labor Secretary on Financial Advisors

Complex and Prescriptive Rule Will Disadvantage Consumers 
 
Washington – John Engler, President of Business Roundtable, today issued the following statement in support of the letter from members of the House of Representatives to Secretary of Labor Thomas E. Perez calling on the Secretary to consider changes to the Department of Labor’s proposed redefinition of fiduciary.
 
“Business Roundtable CEOs believe that Americans deserve to have full confidence that financial advisors are acting in their best interests, but we share the serious concerns raised by members of Congress about the Labor Department’s proposed changes to the legal definition of ‘fiduciary.’
 
“The complex and prescriptive rule, as proposed, likely will lead to serious unintended consequences.
 
“A rule intended to benefit consumers should not limit their ability to obtain guidance, restrict access to products and services, have a disproportionate impact on certain communities or raise the costs of saving for retirement.
 
“The Administration needs to go back to the drawing board on this one: Look at the publicly available data, do a comprehensive cost-benefit analysis and seriously evaluate the availability of less burdensome alternatives.”
 
Read the Business Roundtable comment letter to the Department of Labor on investment fiduciary regulation here.
 

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