Statement on Denial of Motions to Intervene in DOL Fiduciary Lawsuit

Statement on Denial of Motions to Intervene in DOL Fiduciary Lawsuit

WASHINGTON, D.C., May 2, 2018 – The U.S. Chamber of Commerce, Financial Services Institute, Financial Services Roundtable, Insured Retirement Institute, and Securities Industry and Financial Markets Association released the following statement today regarding the 5th Circuit’s decision to deny motions to intervene related to a recent decision vacating the Department of Labor’s fiduciary rule in its entirety:

“We are pleased the Fifth Circuit denied the motions to intervene, and that the Department of Labor’s unlawful 2016 fiduciary rule is at an end. The SEC, not the DOL, is the appropriate regulator in this area, and we look forward to working with the SEC on the current proposed rulemaking to establish a best interest standard across all accounts, and not just retirement accounts.”

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Contact: John Jennings