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Department of Labor exceeded its authority, and we will pursue all of our available options to see that this rule is rescinded.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.
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