U.S. Chamber on Final DOL Fiduciary Rule: Looking for Fundamental Changes

Tuesday, April 5, 2016 - 5:45pm

WASHINGTON, D.C.— The U.S. Chamber of Commerce vowed to examine the final fiduciary rule that will be released by the Department of Labor (DOL).

“We will review the rule to determine if it disadvantages small businesses, limits access and choice to investment advice, or makes saving for retirement more expensive,” said David Hirschmann, president and CEO of the Chamber’s Center for Capital Markets Competitiveness. “Unless we see fundamental changes, this rule will remain unworkable and we will consider every approach to address our concerns.”

“For many workers, the only access to financial education is through an employer-provided retirement plan, and we will closely analyze any restrictions on an employer’s ability to provide education to employees in this area,” said Randy Johnson, senior vice president for Labor, Immigration, and Employee Benefits at the Chamber. “We have worked over the years to give the administration constructive feedback on this rule, and are concerned about whether it has sufficiently changed its previous direction. We need more Americans saving for retirement, not less, and we will be closely looking at the final rule to determine the severity of its unintended consequences.”

The Chamber has outlined its concerns with the rule and the changes it would like to see. You can learn more about the Chamber’s efforts at www.betteradvicemorechoices.com.