DOL Fiduciary News: May 4, 2017
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GOP Prepares To Beat Back Dem Effort to Save Fiduciary Rule
Financial Advisor; May 3, 2017
House Financial Services Committee Republicans prepared to beat back efforts by Democrats Wednesday morning to save the fiduciary rule.
The Republicans argued in force to keep a provision in the Financial CHOICE Act—legislation aimed at undoing the Dodd-Frank financial reform act—that would kill the rule.
Democrats tried to delete it, but Republicans are expected to force a committee vote to kill their amendment to the CHOICE Act in the next two days.
In one of many volatile committee exchanges, Rep. Tom MacArthur, R-N.J., claimed the fiduciary rules makes financial advisor guarantors of financial results.
Lawmakers to DOL Secretary: Kill That Rule
InsuranceNewsNet; May 3, 2017
Pressure continues to mount on the Department of Labor to weaken or dismantle the Obama administration-authored fiduciary rule.
The confirmation of Labor Secretary Alexander Acosta Friday led to a missive from GOP legislators urging him to make reforming the rule a priority. Delivered Tuesday, the letter was signed by 124 lawmakers.
The letter repeated industry concerns that small savers will be left behind if the fiduciary rule is fully adopted. In 2015, the Government Accountability Office found that 29 percent of Americans ages 55 and older had no money saved for retirement and no pension, the letter stated.