The Labor Department's Fiduciary Rule: How A Flawed Process Could Hurt Retirement Savers

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40 pages
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Brief Executive Summary
Under the leadership of Senator Ron Johnson, the Senate Committee on Homeland Security and Governmental Affairs issued a majority staff report on the a proposed rule by the Labor Department which restructures the definition of investment guidance. The report discusses the purpose of the rule which is to avoid conflict of interests, and how this rule could have negative consequences for those investors of lower socioeconomic status. The Committee finds that the proposal could lose tens of billions of dollars in retirement savings, and could put onerous burdens on investment advisors that complicate their jobs and increase litigation threats.
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Related Hearings
Senate Committee on Health, Education, Labor, and Pensions, Subcommittee on Employment and Workplace Safety, hearing on "Restricting Advice and Education: DOL\342\200\231s Unworkable Investment Proposal for American Families and Retirees," 114th Cong., S.Hrg. 114-665, (2015, July 21)
House Committee on Ways and Means, Subcommittee on Oversight, hearing on "Department of Labor\342\200\231s Proposed Fiduciary Rule," 114th Cong., H.Hrg. 114-OS07, (2015, September 30)
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