The U.S. Chamber of Commerce, Financial Services Institute, Financial Services Roundtable, Insured Retirement Institute, and Securities Industry and Financial Markets Association (Co-plaintiffs) issued the following statement in response to today’s ruling on their lawsuit against the Department of Labor’s fiduciary rule:
“We continue to believe that the Department of Labor exceeded its authority, and we will pursue all of our available options to see that this rule is rescinded. While we have long supported a best interest standard, this is a misguided rule that will harm retirement savers and financial services firms that provide needed assistance and options to their clients, including modest savers and small business employees. The President’s recent directive to the Department, reflecting well-founded, ongoing and significant concerns about the rule, is a welcome development.”
On June 1, the five national trade associations filed the legal challenge to the Department of Labor’s fiduciary rule for brokers and registered investment advisers serving Americans with Individual Retirement Accounts (IRAs) and 401(k) plans. On November 17, oral arguments were made before Judge Barbara Lynn in the U.S. District Court Northern District of Texas.
The co-plaintiffs filed in conjunction with the Greater Irving-Las Colinas’ Chamber of Commerce, Lake Houston Area Chamber of Commerce, Lubbock Chamber of Commerce, and Texas Association of Business.
FSI Announces 2021 Board & Executive Committee Members
The Financial Services Institute (FSI) today announced the election of four new Directors for its Board for 2021 and its […]Read More
FSI Condemns Attack at U.S. Capitol
The Financial Services Institute (FSI) issued the following statement in response to Wednesday’s attack on the U.S. Capitol: “Since the […]Read More
FSI Statement on DOL’s Final PTE for Investment Advice Fiduciaries
Today, the Department of Labor (DOL) released its final prohibited transaction exemption (PTE). For over the last decade, the Financial Services […]Read More