WASHINGTON, D.C. – The U.S. Chamber Center for Capital Markets Competitiveness President and CEO David Hirschmann issued the following statement in response to today’s Securities and Exchange Commission (SEC) final best interest standard rules. The Chamber and others challenged the Department of Labor’s Fiduciary Duty Rule and in March 2018 the Fifth Circuit Court of Appeals ruled to vacate the rule. Now, the appropriate agency has taken the lead and final regulations will apply to all investment accounts—not just retirement accounts.
“The new best interest standards create strong new protections for investors against bad actors, provide clearer information that will help Americans invest and save for their futures, allow investors to choose the right type of advice to fit their needs, and help small businesses provide retirement benefits for their employees. We hope that the Department of Labor moves forward on similar protections for ERISA plans that dovetail with the SEC’s approach.”