Bipartisan Members Introduce Legislative Proposals to Protect Working Families Saving for Retirement
Proposals would protect consumers, preserve access to financial planning resources
WASHINGTON, D.C., December 18, 2015
Republican and Democratic lawmakers introduced today legislative proposals that will ensure retirement advisors serve their clients’ best interests and preserve access to quality financial planning. The proposals reflect a set of bipartisan principles members introduced in response to a Department of Labor regulatory proposal that many fear will reduce access to financial advice for low- and middle-income families. The bills represent a legislative compromise that will protect consumers and keep high-quality financial advice affordable for all Americans.
Upon introducing the legislative proposals, Reps. Peter Roskam (R-IL), Richard Neal (D-MA), Phil Roe (R-TN), and John Larson (D-CT), issued the following joint statement:
We’re proud to strengthen and protect retirement planning tools for working families by raising investment advice standards throughout the industry. These bipartisan proposals require advisors to serve their clients’ best interests, strengthen protections for retirement savers, and maintain access to quality financial advice for small businesses and low- and middle-income Americans.
By amending the Internal Revenue Code of 1986 (The SAVERS Act) and the Employee Retirement Income Security Act of 1974 (ARAP Act), the proposals together will raise investment advice standards for the retirement industry to ensure financial advisers act in the best interests of their clients, while also ensuring low- and middle-income Americans have access to quality, affordable financial advice to help plan for retirement.
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