WASHINGTON, D.C. | August 6, 2020
Today, Republican Workforce Leaders on the Education and Labor Committee, Reps. Virginia Foxx (R-NC) and Tim Walberg (R-MI), submitted a comment letter to Department of Labor (DOL) Secretary Eugene Scalia responding to DOL’s proposed class exemption and final rule to reinstate the 1975 fiduciary rule.
In the comment letter, Reps. Foxx and Walberg write: “We are encouraged by the proposed class exemption and the final rule and are hopeful that these actions will improve access to high-quality, affordable investment advice that is in the best interest of workers and retirees.” The Members continue: “DOL plays an important role in interpreting and enforcing ERISA’s fiduciary duties, which are vital to protecting America’s retirement savers. In our view, DOL’s regulations and guidance related to ERISA must not limit consumer choice and access to retirement advice. We look forward to continuing to work with DOL to further policies that expand access to high-quality, affordable retirement advice for workers and retirees, and we urge swift implementation of a final class exemption.”
BACKGROUND: In 2016, the Obama administration issued a flawed, partisan fiduciary regulation that threatened small business retirement plans and workers’ access to affordable retirement advice. Instead of serving the interests of retirement savers, the Obama-era rule reduced access to investment advice and increased costs for workers. Under the Trump administration, DOL is committed to furthering policies that expand access to high-quality, affordable retirement advice for workers and retirees.
To read the full letter to Secretary Scalia, click here.
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