U.S. Chamber Statement on Alignment of DOL Proposed Rule and SEC Implementation Ensuring Protection for Investors

Tuesday, June 30, 2020 - 10:15am

WASHINGTON, D.C. —Tom Quaadman, executive vice president, Center for Capital Markets Competitiveness, U.S. Chamber of Commerce issued the following statement regarding yesterday’s proposed rule from the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) entitled, “Improving Investment Advice for Workers & Retirees Exemption.” 
 
“We appreciate actions taken by the Department of Labor’s Employee Benefits Security Administration in releasing a proposal that aligns with the Securities and Exchange Commission’s (SEC) Regulation Best Interest (Reg BI) that goes into effect today, June 30. Such alignment would protect investors and establish common, administrable standards that streamline compliance and reduce unnecessary costs.
 
“The Chamber will evaluate today’s proposal carefully, and we look forward to working with the EBSA to achieve a final outcome that provides clarity and protection for all investors.
 
"Last week the 2nd Circuit Court of Appeals affirmed SEC’s Reg BI compliance date of June 30, and we are pleased to see action by EBSA to ensure their rules are aligned with Reg BI. Implementation of the Reg BI rule will ensure Americans investing for their future will be best served through effective investor protection, clarity across all accounts and relationships, access to a full range of investment choices, and expanded opportunities to learn how to invest and save."