WASHINGTON, D.C. – The Financial Services Institute (FSI) applauds the U.S. House of Representatives’ passage of the Financial CHOICE Act of 2017 – a bill which incorporates several important regulatory relief measures to preserve access to and choice among financial advisors, products and services while reducing the impact of regulation on advisors’ ability to serve their clients. The bill rolls back regulations, institutes rigorous cost/benefit analysis requirements and requires review of existing regulations. It also incorporates the Senior$afe Act which allows firms and financial advisors to protect elderly clients from financial exploitation without inadvertently violating privacy laws. The legislation passed 233-186. FSI played a significant role in the passage of this legislation and is currently working on the Senate side to get a final bill to the president to sign.
Following the bill’s passage, FSI President & CEO Dale Brown released the following statement:
“The passage of the Financial CHOICE Act is a critical win for Main Street Americans who rely on affordable, objective advice to achieve their financial goals. Under this legislation, independent financial services professionals will be able to protect their senior clients from exploitation without violating privacy laws in addition to several other significant reforms. These reforms are needed in order to ensure that investors are protected, and have access to affordable, objective advice that is in their best interest.
“This week, we took more than 100 FSI members to Capitol Hill to meet with their members of Congress to discuss issues impacting their businesses and their clients, including the Financial CHOICE Act,” Brown said. “We will continue to mobilize support for this legislation until the president signs it into law in order to ensure that our members can continue working hard to assist Main Street Americans in securing their futures.”
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.
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