Skip to main content

Search form

Oppose H.R. 4293 Legislation to Weaken Protections for Retirement Savers

February 1, 2016
Consumer Finance
Letters to Congress

As strong supporters of the Department of Labor's (DoL) effort to strengthen retirement income security for working families and retirees, the undersigned on this letter urge the rejection of H.R. 4293, the "Affordable Retirement Advice Protection Act." Far from being a pro-retirement security alternative to DoL rulemaking, the legislation would weaken the already inadequate protections afforded by current outdated regulations.

It is a faulty premise that an alternative to the DoL rule is necessary. The DoL's proposed rule offers a balanced approach that expands the range of advisory services covered by ERISA's fiduciary standard while allowing firms to operate under a broad range of business models. There is every reason to believe that there will be final-rule changes to reflect the many constructive comments received.