On January 2nd, 2024, the Institute submitted a comment letter to the Department of Labor in strong support of the Department’s proposed “Retirement Security Rule.” A news release of the submission is available here.
The Rule is essential to fill the gaps in federal regulation in investor protection left by the SEC’s Regulation BI and NAIC’s state model insurance rule. The DOL proposal mirrors fiduciary principles that have been articulated and developed over the past 90 years. The Rule’s opponents adopt a new stance in their resistance; one which implicitly rejects the relevance of fiduciary advice itself. This new stance, which seeks to eliminate fiduciary advice altogether, is fundamentally different than prior efforts by the broker-dealer industry to weaken fiduciary advice.
Download the full comment letter here, or view it below.