Plaintiffs argue case to strike down over-reaching federal regulations that will restrict Americans’ access to retirement advice and planning services
Today, counsel for the U.S. Chamber of Commerce, Financial Services Institute, Financial Services Roundtable, Insured Retirement Institute, and Securities Industry and Financial Markets Association argued against the Department of Labor’s (DOL) fiduciary rule before Chief Judge Barbara Lynn in the U.S. District Court in Dallas.
In a joint statement, the Chief Executive Officers of the five national association co-plaintiffs noted the following:
“At today’s hearing, our counsel made a strong case that DOL overstepped its legal authority in enacting its misguided rule, which threatens to hurt retirement savers and help only class action plaintiffs’ lawyers. We appreciate the opportunity to present our case for setting aside the Department’s rule, so that our member firms and businesses may continue providing the best level of service to retirement savers.”
The co-plaintiffs’ initial complaint against the DOL was filed on June 1, 2016, in conjunction with the Texas Association of Business, Greater Irving-Las Colinas’ Chamber of Commerce, the Lake Houston Area Chamber of Commerce, and the Lubbock Chamber of Commerce.
Today’s hearing was consolidated with the hearings in two related cases brought by the American Council of Life Insurers and the Indexed Annuity Leadership Council.
FSI Names Senators Susan Collins, Bill Hagerty and Jon Tester as Congressional Champions for Main Street
Lawmakers from Each Party Recognized for their Dedication to Preserving Americans’ Access to Affordable, Professional Financial Advice and Enhancing Financial […]Read More
FSI Releases Recommendations to SEC on Preventing Regulation by Enforcement
White paper outlines policies and procedures the SEC should adopt to detect and prevent unfair and improper regulation by enforcement […]Read More
FSI Announces 2024 Board of Directors & Executive Committee Members
WASHINGTON, D.C. – Today, the Financial Services Institute (FSI) announced three new Directors to its Board and its 2024 Executive […]Read More