Nevertheless, she persisted.
Congresswoman Ann Wagner, R–Missouri, is attempting to block full implementation of the fiduciary rule, and on Wednesday introduced The Protecting Advice for Small Savers (PASS) Act Of 2017 in the U.S. House of Representatives.
Wagner, one the highest profile political opponents of the DOL’s efforts to impose new requirements of retirement advisors, said “The Department of Labor’s fiduciary rule is already hurting Main Street Americans by eliminating investment choices and raising costs.
“According to a recent study by the U.S. Chamber of Commerce, low- and middle-income retirement savings investors have already begun to experience a negative impact on their ability to save and invest for their future as a result of the DOL’s regulatory overreach. The PASS Act will protect these investors by creating a best interest standard for broker-dealers that benefits consumers and protects their access to financial advice.”
She added that “America is in the midst of a savings crisis and this legislation will ensure it is easier for families to save and invest, not harder. At the end of the day, every family should have access to affordable investment products and the confidence that their best interest is being served.”
Provisions of the PASS Act include:
- Repeals the Department of Labor (DOL) fiduciary rule
- Creates a best interest standard for broker-dealers
- Requires broker-dealers to disclose compensation they receive and any conflict of interest that exists
- Limits U.S. Securities and Exchange Commission (SEC) rule making authority under Section 913 of Dodd-Frank
- Prevents Department of Treasury and DOL from promulgating fiduciary regulations on broker-dealers under The Employee Retirement Income Security Act of 1974 (ERISA)
- Preempts state laws avoiding a patchwork of standards
She noted a number of familiar business and industry organizations who support the act, including the U.S. Chamber of Commerce, Financial Services Roundtable (FSR), Securities Industry and Financial Markets Association (SIFMA), Financial Services Institute (FSI), National Association of Insurance and Financial Advisors (NAIFA), American Council of Life Insurers (ACLI) and the Investment Company Institute (ICI).