House of Representatives Passes Chairman Hensarling’s Financial CHOICE Act

House of Representatives Passes Chairman Hensarling’s Financial CHOICE Act

Bill repeals the flawed fiduciary rule & aids in the fight against elder financial abuse

Washington, DC – The Insured Retirement Institute (IRI) today issued a statement from IRI President and CEO Cathy Weatherford in response to passage of H.R. 10, the Financial CHOICE Act, in the House of Representatives. 

“IRI has continually advocated for a consistent best interest standard of care for investment advice. We are pleased that the CHOICE Act repeals the overly burdensome and complex fiduciary rule and sets forth a process for regulators to develop a workable standard that will protect consumers from harm while allowing retirement savers to access affordable advice.

 In addition to repealing the harmful fiduciary rule, the CHOICE Act includes the text of the Senior Safe Act - legislation which IRI has long supported to combat elder financial abuse, which costs retirees nearly $3 billion per year. This will encourage financial professionals to report suspected financial abuse of their clients and increase protections for older Americans who may fall victim to financial exploitation.

IRI applauds Chairman Hensarling for the leadership he has demonstrated by championing this bill and thanks those members who voted for these measures to repeal the Fiduciary Rule and enact the Senior Safe Act which were included in H.R. 10.”

About the Insured Retirement Institute: The Insured Retirement Institute (IRI) is the leading association for the retirement income industry.  IRI proudly leads a national consumer coalition of more than 30 organizations, and is the only association that represents the entire supply chain of insured retirement strategies.  IRI members are the major insurers, asset managers, broker-dealers/distributors, and 150,000 financial professionals.  As a not-for-profit organization, IRI provides an objective forum for communication and education, and advocates for the sustainable retirement solutions Americans need to help achieve a secure and dignified retirement.  Learn more at www.irionline.org.

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For a PDF version of this release, please click here.
Contact: John B Jennings