Wilson Introduces the Protecting American Families’ Retirement Advice Act
WASHINGTON, D.C. – Congressman Joe Wilson (SC-02) issued the following statement after introducing the Protecting American Families' Retirement Advice Act today:
"The Department of Labor's fiduciary rule is one of the most costly, burdensome regulations to come from the Obama Administration. Rather than making retirement advice and financial stability more accessible for American families, they have disrupted the client-fiduciary relationship, increased costs, and limited access.
"This legislation will delay the implementation of this job-destroying rule, giving Congress and President-elect Donald Trump adequate time to re-evaluate this harmful regulation."
Wilson's legislation is supported by key national partners:
Dirk Kempthorne, President and CEO of the American Council of Life Insurers: "We thank Congressman Wilson for his leadership in introducing legislation acknowledging the need for immediate action to extend the April 10th compliance deadline of this rule."
Tim Pawlenty, CEO of the Financial Services Roundtable: "FSR strongly supports requiring companies to act in their customers 'best interest'. That's just common sense. However, the current rule is overly complex, involves too much red tape, and is already negatively impacting consumer choice and service. Rep. Wilson's bill will allow time for a less bureaucratic 'best interest' standard to be developed."
Cathy Weatherford, President and CEO of the Insured Retirement Institute: "We thank Congressman Wilson for his leadership on this important issue. We have long-standing concerns about the rule and its harmful impact on retirement savers. A delay is much needed and will provide more time to policymakers to reevaluate it and protect consumers from its negative consequences."
Paul R. Dougherty, President of National Association of Insurance and Financial Advisors: "For well over a century, thousands of dedicated NAIFA members have helped individuals and families reach their financial goals. NAIFA remains concerned that the final rule will reduce consumers' access to honest, valuable, information and advice from financial professionals about retirement products…A delay provides time for the new Administration to conduct a thoughtful and appropriate review and to work with stakeholders toward public policies that help Americans achieve their financial and retirement security."
Kenneth E. Bentsen, Jr., President and CEO of SIFMA: "We continue to believe the rule is harmful to the market and most importantly investors. As our members have worked diligently to prepare for implementation, at great cost and with consequential impacts on retirement savers, a delay in applicability would be prudent to allow the new Congress and Administration to review a better course to protect investors."