Bill Introduced by Reps. Roe, Roskam, Walberg, & Wilson Will Enhances Consumer Protection For Retirement Savers

Posted on July 19, 2017

Legislation Enhances Consumer Protection for Retirement Savers

Establishes Best Interest Standard for Financial Professionals

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) released the following statement from IRI President and CEO Cathy Weatherford in support of H.R 2823, the Affordable Retirement Advice Protection Act, as the bill advances through the House Committee on Education and the Workforce under the leadership of Chairwoman Virginia Foxx (R-NC).

“At a time when Americans are increasingly more responsible for ensuring financial security during their retirements, preserving access to affordable advice is critical.  The Affordable Retirement Advice for Savers Act, introduced by Representative Phil Roe (R-TN) and co-sponsored by Representatives Peter Roskam (R-IL), Tim Walberg (R-MI), and Joe Wilson (R-SC), will overturn the ill-advised Department of Labor fiduciary rule, protect access to high-quality, affordable retirement advice, require financial advisors to serve their client’s best interests, and enhance transparency and accountability through clear, simple, and relevant disclosure requirements.  IRI has long supported the adoption of a workable best interest standard which will provide consumer protections and protect access to financial advice and the wide array of lifetime income products. 

IRI commends Representatives Roe, Roskam, Walberg, and Wilson for their continued leadership and their concern for how the fiduciary rule will adversely affect low- and middle-income Americans.  IRI also thanks Chairwoman Foxx and the members of the House Committee on Education and Workforce for their consideration of this legislation.  We strongly support H.R. 2823 and look forward to continued collaboration with Members of Congress on this important issue.”

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Contact: John B Jennings
For a PDF of this release, click here.