The Insured Retirement Institute (IRI) voiced its support last week for legislation that would overturn and replace the Department of Labor’s fiduciary rule for retirement advice.
IRI President and CEO Cathy Weatherford said the Affordable Retirement Advice Protection Act (H.R. 2823) will protect access to high-quality retirement advice, require financial advisors to serve their client’s best interests, and enhance transparency and accountability through disclosure requirements. Unlike the DOL’s rule, which went into effect June 9, it would not require to advisors to be fiduciaries.
The legislation is sponsored by Reps. Phil Roe (R-TN), Peter Roskam (R-IL), Tim Walberg (R-MI), and Joe Wilson (R-SC)
“At a time when Americans are increasingly more responsible for ensuring financial security during their retirements, preserving access to affordable advice is critical,” Weatherford said. “IRI has long supported the adoption of a workable best interest standard which will provide consumer protections and protect access to financial advice and the wide array of lifetime income products.”
The bill is currently being considered by the House Committee on Education and the Workforce.
“IRI commends Representatives Roe, Roskam, Walberg, and Wilson for their continued leadership and their concern for how the fiduciary rule will adversely affect low- and middle-income Americans,” Weatherford said. “IRI also thanks Chairwoman (Virginia) Foxx (R-NC) and the members of the House Committee on Education and Workforce for their consideration of this legislation. We strongly support H.R. 2823 and look forward to continued collaboration with members of Congress on this important issue.”