Regulatory Outlook | 07.20.20
Critics Tell Congress DOL Fiduciary Rule Would Harm Investors
The Department of Labor (DOL) fiduciary rule proposal would expose vulnerable retirement savers to harmful advice, critics of the plan told the House Committee on Education and Labor during a virtual briefing for lawmakers Thursday. Barbara Roper, director of investor protection at the Consumer Federation of America, said of greatest concern is that under the proposal, “many rollover recommendations won’t be held to a fiduciary standard." The Public Investors Advocate Bar Association said in a factsheet it delivered to the committee that the proposal will allow “pushers of high-risk financial products ... to siphon billions of dollars from the retirement accounts of financially vulnerable workers and retirees.”
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