WASHINGTON, D.C. | October 29, 2013
Today the House of Representatives is considering the Retail Investor Protection Act (H.R. 2374), bipartisan legislation to help protect the retirement security of hardworking Americans.
Federal law has long provided clear guidance to determine whether someone who provides retirement services is held to a fiduciary standard of care. However, since 2010 the Department of Labor has tried to significantly expand the legal definition of "fiduciary" with potentially devastating consequences for workers and retirees.
Moments ago House Education and Workforce Committee Chairman John Kline (R-MN) described the negative effects of the department's proposal and highlighted how the Retail Investor Protection Act will help rein in this misguided effort:
While we support looking for ways to modernize current fiduciary regulations, the department's recent proposal threatens to drive up costs, restrict investment opportunities, and harm efforts to education workers about responsible retirement planning H.R. 2374 will force the Department of Labor to abandon this misguided effort and help ensure any future attempt to redefine fiduciary promotes the retirement security of America's workers.
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