IRI Applauds Passage of Legislation by House Financial Services Committee

IRI Applauds Passage of Legislation by House Financial Services Committee

Bills Benefiting American Retirement Savers Advance in House of Representatives

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) released the following statement from IRI President and CEO Cathy Weatherford after H.R. 3857, the Protecting Advice for Small Savers Act, and H.R. 3758, the Senior$afe Act, were passed in the House Financial Services Committee.

“IRI commends Representatives Ann Wagner (R-MO), Kyrsten Sinema (D-AZ), and Bruce Poliquin (R-ME), all members of the House Financial Services Committee for the tremendous leadership they have displayed in passing H.R. 3857 and H.R. 3758. At a time when Americans are shouldering the responsibility of providing their own financial security in retirement, legislation which removes barriers to access of professional financial advice, offers a choice of lifetime income products, and provides protection against financial exploitation, is essential to ensuring Americans can achieve a secure and dignified retirement. The policies embodied in these bills are all outlined in IRI’s 2017 Retirement Security Blueprint. IRI strongly urges the full House to swiftly take action and pass these bills. IRI remains committed to working with all Members of Congress to enact common sense policies that increase consumer protections and help Americans attain a financially secure retirement.”

H.R. 3857, the Protecting Advice for Small Savers Act, repeals the Department of Labor's fiduciary rule and establishes a best interest standard of conduct in federal securities law. IRI has long supported the establishment of such a standard of care - a standard that permits access to retirement advice and preserves American retirement savers' ability to choose from a wide array of lifetime income products.

H.R. 3758, the Senior$afe Act, encourages banks, credit unions, investment advisors, broker-dealers, insurance companies, and their employees to report suspected financial abuse and exploitation. As the population of the United States ages, it is critical to have rules in place to protect older Americans, and other vulnerable populations, from fraud. 

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For a PDF of this release, please click here.