TRUMP ADMINISTRATION EXECUTIVE ORDER SEEKS TO REDUCE REGULATORY BURDENS THAT MAY INHIBIT ECONOMIC RECOVERY FROM COVID19 PANDEMIC

Posted on May 21, 2020

WASHINGTON, D.C. – The Insured Retirement Institute today issued a statement in response to an executive order issued by President Donald Trump to reduce regulatory barriers that may inhibit the economic recovery related to the COVID19 pandemic.

“On behalf of the members of IRI, I want to express our appreciation to President Trump for his leadership in issuing the Executive Order to examine and reduce regulatory barriers that might slow or inhibit an economic recovery,” said Wayne Chopus, IRI President and CEO. “The unprecedented challenges posed by this health crisis and the impact it has had on our economy are significant. Each day we continue to witness the great resolve of individuals and businesses, first responders, hospital staff and many others who are working hard to help our nation recover and begin to work on revitalizing the economy as America reopens for business.

During this crisis, IRI and our members in the retirement income industry had to quickly respond and make changes to adapt to the new normal of a socially distanced world where typically many transactions and interactions in financial and retirement planning involved in-person meetings and discussions. We are working to advance digital solutions on behalf of our clients and consumers to meet their retirement security needs with products that provide protected lifetime income.

Now, as every state begins to reopen and gradually resume business activity, we agree with the President’s call in the Executive Order for our government leaders to begin examining regulations and processes that inhibit rather than promote economic growth. This is especially timely for those regulations we have seen changed temporarily to allow for the continuation of business transactions and operations during the crisis. The temporary changes have resulted in no significant impact on the ability of federal regulators to administer and enforce the rules and therefore those temporary regulatory accommodations employed should now be made permanent to aid in our nation’s recovery.

IRI and its members applaud the President’s regulatory reform initiative and look forward to sharing ideas with the White House and regulatory agencies with jurisdiction over our industry and members.”

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Contact: Dan Zielinski