The Financial Services Institute’s (FSI) President & CEO, Dale Brown, today released the following statement following OMB releasing the Department of Labor’s rule redefining the term “fiduciary”:
“FSI members are fully dedicated to protecting investors. Main Street investors are also protected when they have access to affordable advice to help them plan for a dignified retirement. IRA owners are already protected by robust federal and state rules governing the retirement market. We are currently studying the rule and will comment about the specifics once we have given it a thorough review and fully understand the impact on our members and small and mid-size investors.
“We are disappointed that OMB only took 50 days to review this highly controversial rule that could negatively impact millions of investors. On average, Department of Labor rules are reviewed by OMB for 117 days.
“Over 200 bipartisan members of Congress have told the DOL and the administration to carefully consider the impact of the proposal on investor access to retirement advice, products and services – and most expected the OMB would take as long as necessary to ensure that any final rule avoids serious unintended consequences for Main Street investors. We have serious concerns that could have happened in only 50 days.
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