FSI to Testify Before DOL on Retirement Security Rule Proposal 

December 12, 2023

WASHINGTON, D.C. – Today, Mark Smith, Of Counsel at Eversheds Sutherland, will testify on behalf of the Financial Services Institute (FSI) before the Department of Labor (DOL) on the Retirement Security Rule proposal. The hearing will be held on December 12th and 13th, with several panels, including both critics and supporters of the rule. FSI and Mark Smith’s testimony will take place during the second panel at approximately 10:30 a.m. ET on Tuesday, December 12. Interested participants must register to attend the hearing. 

Register for todays’s hearing here.

Below is a comment from FSI President & CEO Dale Brown regarding the hearing:  

“We appreciate the opportunity to testify on behalf of our members and the Main Street American investors they serve. However, we are concerned about the timeline of this process as it is unprecedented and counterproductive to hold a hearing before comments are due. It has been less than 45 days since the rule proposal was released, which is an inadequate timeframe to fully comprehend the rule’s implications and its potential negative impact on both the investing public and financial services industry. Ironically, the DOL denied requests to extend the comment period, claiming to have already received extensive feedback over the years, while simultaneously claiming that the proposal is an entirely new rule and not, in fact, a repackaged 2016 fiduciary rule. 

“Despite the compressed timeline, it is clear the DOL’s proposal exceeds the Department’s statutory authority, conflicts with the 5th Circuit decision vacating the 2016 fiduciary rule and imposes unnecessary costs that will result in Americans losing access to the advice, products and services they need to achieve a dignified retirement. We remain committed to securing Main Street Americans’ access to financial advice as they save for retirement. We look forward to sharing our expert analysis and insight into the real-world impacts of this rule during our testimony.” 

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 over 80 independent financial services firm members and their 130,000+ 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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