IRI Applauds Presidential Action Delaying DOL Fiduciary Rule
President Trump Directs DOL to Determine Whether Rule Will Harm Investors
WASHINGTON, D.C. – The Insured Retirement Institute (IRI) today released the following statement from IRI President and CEO Cathy Weatherford after President Donald J. Trump sent a memorandum to Acting Secretary of Labor Edward Hugler directing him to delay the applicability date of the Department of Labor’s Fiduciary Rule, undertake a new economic and legal analysis to assess whether the rule is likely to harm consumers, and rescind or revise the rule if it is found to be inconsistent with the Administration’s policy:
“The Insured Retirement Institute strongly supports President Trump’s decision to delay implementation of the Department of Labor’s Fiduciary Rule and initiate a thoughtful and comprehensive review of the rule’s likely impact on retirement savers.
“IRI and our members have long supported a best interest standard of care for financial professionals, and have already taken extensive steps to move in that direction.
“We continue to have significant concerns about the rule and its harmful impact on retirement savers. The rule makes sweeping changes to the existing regulatory framework that will ultimately make it harder for savers to plan for retirement by depriving them of access to affordable holistic financial advice and a wide range of investment options. These concerns, which drove us to pursue our pending legal challenge to the rule, are further exacerbated by the overly aggressive compliance deadline provided by the DOL.
“We applaud the President’s leadership in calling for the DOL to put the rule on hold to give policymakers time to reevaluate the rule in order to protect consumers from these negative consequences. We look forward to working with President Trump’s administration and Congress to develop policies that will ensure all Americans have access to the advice and products they need to achieve a secure retirement.”
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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John B Jennings