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February 05, 2016
Senators introduce bills targeting DoL rule
Sens. Roy Blunt, R-Mo., Mark Kirk, R-Ill., and Johnny Isakson, R-Ga., all introduced bills late last week to combat the Labor Department's forthcoming rule on financial advising.
The DoL rule would require financial advisors to communicate all "key information" to clients to better inform investment decisions. Lawmakers say the rule will increase costs and reduce consumer access to financial advice, leading to lower retirement savings for consumers. The final rule was received by the Office of Management and Budget at the end of January.
Blunt's bill, S. 2497, will be reviewed by the Senate Banking Committee; Kirk's bill, S. 2505, and Isakson's bill, S. 2502, will be reviewed by the Senate Finance Committee.
The House Ways and Means Committee last week favorably reported out H.R. 4294, the "SAVERS Act of 2015," which Republican committee members say will create more options for consumers than the DoL rule. Democratic committee members said the DoL rule should be released and a Congressional Budget Office estimate issued on its budgetary impact and the number of new fiduciaries that would be created prior to any further action by the committee.
The DoL rule would require financial advisors to communicate all "key information" to clients to better inform investment decisions. Lawmakers say the rule will increase costs and reduce consumer access to financial advice, leading to lower retirement savings for consumers. The final rule was received by the Office of Management and Budget at the end of January.
Blunt's bill, S. 2497, will be reviewed by the Senate Banking Committee; Kirk's bill, S. 2505, and Isakson's bill, S. 2502, will be reviewed by the Senate Finance Committee.
The House Ways and Means Committee last week favorably reported out H.R. 4294, the "SAVERS Act of 2015," which Republican committee members say will create more options for consumers than the DoL rule. Democratic committee members said the DoL rule should be released and a Congressional Budget Office estimate issued on its budgetary impact and the number of new fiduciaries that would be created prior to any further action by the committee.
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