Learn.Save.Retire is a U.S. Chamber initiative designed to advance bipartisan support for steps to make it easier for small businesses to offer retirement plans and enable middle-class savers to better plan for their future. As part of this initiative, the Chamber is advocating for a fiduciary duty rule that doesn’t limit access to affordable retirement advice or retirement products.
CCMC, along with several other trade associations, have been collecting data regarding the Fiduciary Rule's impact on investors and the marketplace. This event discusses the new research and data showing that the rule is not working as intended and having adverse effects on Americans' ability to save for their future.
Read the Recap Here
The U.S. Chamber Releases New Study on the Impact of DOL's Fiduciary Rule
Conducted with 14 Financial Advisory firms that oversee over 25 million investment accounts, the study shows the impact partial implementation of the rule has had on retirment investors.
The Fiduciary Fallout Visualized
Key stakeholders have surveyed the financial industry, who serve millions of retirment accounts, to determine the real world impacts of the Department of Labor’s Fiduciary Duty Rule.
You can download recent research on the Fiduiciary Rule here:
Securities Industry and Financial Markets Association (SIFMA)
- The DOL Fiduciary Rule: A study on how financial institutions have responded and the resulting impacts on retirement investors
Financial Services Roundtable (FSR)
Insured Retirement Institute (IRI)
The Financial Services Institute (FSI)
- On May 15, 2018, U.S. Court of Appeals for the Fifth Circuit ruled in favor of the U.S. Chamber and its fellow plaintiffs striking down the DOL rule. You can read the U.S. Chambers statement here.
- On Wednesday, April 18, the SEC released its Best-Interest proposal. Read CCMC’s statement here.
- On August 31, the Department of Labor (DOL) published a proposed rule that would extend the Transition Period until July 1, 2019. In response to the Department’s Request for Information on a potential delay, the Chamber submitted comments requesting an 18 month delay and detailing the adverse impacts to investors, particularly low balance investors. In addition, on July 31 the U.S. Court of Appeals 5th Circuit held oral arguments for Chamber of Commerce v. U.S. Department of Labor (Fiduciary Rule Appeal).
- As a part of the Chamber’s ongoing “State of American Business” series, two of the Chamber’s policy experts discussed retirement savings in this Facebook Live session.
- On March 15, the Chamber published an ad on S.J. Res 32 and S.J. Res 33 detailing 6 reasons why the Department of Labor’s (DOL) state auto-IRA rule is the wrong answer (PDF) and encouraged Congress to vote yes on the legislation. A supplemental radio spot also ran on WTOP and can be listened to below.
- On Above the Fold, CCMC's Alice Jo outlines what Congress and the White House can do to help Americans save more for retirement.
- The Chamber strongly supports delaying the applicability date by 60 days. In fact, we believe that a longer delay, such as a minimum of an additional one year, is necessary in order to allow the Department of Labor to fully consider comments it has requested on the substance of the Fiduciary Rule, and to draft a proposed regulation revising or rescinding the Fiduciary Rule as authorized in the President’s Memorandum. Read more in the letter that the Center for Capital Markets Competitiveness (CCMC) sent to the Office of Regulations and Interpretations of the Employee Benefits Security Administration (PDF).
- The House of Representatives voted to pass legislation in February that would eliminate the Department of Labor’s (DOL) state-based retirement plan rule. Ahead of the vote, the Chamber sent a key vote alert supporting the legislation, as well as a coalition letter urging passage, signed by 74 associations and state chapters.
State Auto-IRA Rule Radio Spot
In April 2016, the Department of Labor (DOL or Department) finalized its controversial and long-awaited “Fiduciary Rule,” a sweeping expansion of government authority that fundamentally disrupts the way in which Americans save for retirement. Throughout the rulemaking process, the U.S. Chamber warned that the Fiduciary Rule was built upon a mountain of flawed data and analysis, and would harm the very people it was purported to protect by raising costs and limiting investment options.
This U.S. Chamber retirement white paper takes a look at what it takes for a business to start a 401(k) today and why we need to simplify small business retirement plans, highlighting both the opportunities and challenges faced by entrepreneurs as they look to provide high-quality benefits for their employees and enable savings for their future.
This U.S. Chamber retirement white paper outlines the ways state auto-IRAs will hurt the small business workers they are supposed to help and highlights how workers benefit from strengthened and expanded employer-provided plans. It details why state auto-IRAs are the wrong answer; looks at problems presented by state auto-IRAs; and provides alternatives for improving access to employer provided plans.
This U.S. Chamber report details policy solution proposals Congress can act on to achieve better retirement security for workers. It’s focus is on strengthening the voluntary employment-based retirement benefits system and enhancing retirement security for workers, while proposing solutions to address the evolving demands of our country’s workforce—an important and pressing issue that policymakers will need to tackle in 2017.