The Senate will act on a resolution to prevent implementation of the Labor Department's fiduciary rule governing retirement advice, says Sen. Johnny Isakson, R-Ga., a leading critic of the rule. After the vote, the measure might be sent to the House to garner support, Isakson says. The House passed a…
The House voted 234-183 in favor of a resolution aimed at preventing the Labor Department from implementing a rule imposing a fiduciary duty on financial professionals giving retirement advice. President Barack Obama has said he will veto the measure if the Senate passes it. The Hill (4/28), InvestmentNews (4/28), Pensions &…
From May through August, the Labor Department's Employee Benefits Security Administration will conduct seminars on the fiduciary responsibility rule at five locations across the US. They will be held in Manchester, N.H.; Birmingham, Ala.; Milwaukee; Little Rock, Ark.; and Newark, N.J. PlanSponsor.com
On April 6, the Department of Labor (DOL) released its final new fiduciary rule. Changes made in the final rule address several of the concerns expressed by NAIFA—we are appreciative of the degree to which DOL listened to NAIFA input and responded positively to it. Despite NAIFA’s influence, and the…
"NAIFA members and others within the insurance and financial-services industry worked diligently with the Department of Labor to address many concerns we had with the DOL's draft rule," said NAIFA President Jules Gaudreau. "We appreciate that DOL has accepted many of NAIFA's suggestions and reworked some portions of the rule…
The way the U.S. Labor Department’s proposed fiduciary rule is written would trigger confusion across the retirement industry, according to a comment letter by the Financial Industry Regulatory Authority. “These ambiguities will necessitate interpretive guidance on a wide array of issues, which the Preamble does not provide. … This fractured…
Some trade groups are drafting legislation calling for a “best-interest standard” instead of the fiduciary standard that the Labor Department has proposed, according to Steve Saxon, chairman of Groom Law Group, and Barbara Roper, director of investor protection at the Consumer Federation of America. ThinkAdvisor (6/29)
A House Appropriations subcommittee voted in favor of a measure prohibiting the Department of Labor from spending money to draft, implement or enforce a rule imposing a fiduciary standard on retirement advisers. The subcommittee passed the measure on a party-line vote. The Hill (6/17)
The annuity industry is confronted by a “fiduciary threat” from the Department of Labor, which aims to impose a common fiduciary duty on financial professionals, including those who sell annuities, said annuity expert Jack Marrion. He notes that the National Association of Insurance Commissioners receives relatively few complaints about these…
A bill in the House Appropriations Committee would prevent the U.S. Labor Department from spending money to write or implement a fiduciary standard for financial professionals who give retirement advice. A subcommittee is expected to approve the legislation and send it to the full committee for action. InvestmentNews (free registration)…
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