House Representatives Introduce Alternative to DOL Fiduciary Proposal

U.S. House Representatives Peter Roskam (R-IL), Richard Neal (D-MA), Phil Roe (R-TN) and John Larson (D-CT) introduced legislation that would require the DOL to receive congressional approval before implementing a final fiduciary rule. The legislation also outlines an alternative standard to the DOL's fiduciary proposal in the combined proposals of the "Strengthening Access to Valuable Education and Retirement Support Act" (the "SAVERS Act of 2015") (H.R. 4294) and the "Affordable Retirement Advice Protection Act" (the "ARAP Act") (H.R. 4293).

According to the representatives, "the proposals together will raise investment advice standards for the retirement industry to ensure financial advisers act in the best interests of their clients, while also ensuring low- and middle-income Americans have access to quality, affordable financial advice to help plan for retirement."

SIFMA President and CEO Kenneth E. Bentsen, Jr. commended "any congressional action that will help protect investor choice and access to guidance, without raising costs." "Retirement savings is too important not to get this right," he said.