December 16, 2015
WASHINGTON, D.C. — Below is a statement from FSI President & CEO Dale Brown regarding the omnibus bill and its lack of a provision addressing the Department of Labor’s (DOL) fiduciary rule:
“Congress not only has the right but the duty to fulfill their legislative role and protect retirement savers. The odds of passing an omnibus bill with a rider to protect retirement investors from the Department of Labor’s fiduciary rule, however, were always slim. But that rider is not Congress’ only chance to act. We are very pleased with the efforts of Representatives Roskam and Neal to drive a bipartisan solution to this critical issue. We note that Sens. Portman and Cardin have stated their strong belief that Congressional involvement is essential. This is why all advisors must get engaged in the legislative process and advocate for hard-working Americans trying to save for a dignified retirement.”
About the Financial Services Institute (FSI): The Financial Services Institute (FSI) is the only organization advocating solely on behalf of independent financial advisors and independent financial services firms. Since 2004, through advocacy, education and public awareness, FSI has successfully promoted a more responsible regulatory environment for more than 100 independent financial services firm members and their 160,000+ affiliated financial advisors – which comprise over 60% of all producing registered representatives. We effect change through involvement in FINRA governance as well as constructive engagement in the regulatory and legislative processes, working to create a healthier regulatory environment for our members so they can provide affordable, objective advice to hard-working Main Street Americans. For more information, please visit financialservices.org.