Congressman Peter Roskam

Representing the 6th District of Illinois

Roskam Statement on DOL Fiduciary Rule

Apr 6, 2016
Press Release

Wheaton, IL — Earlier today, the U.S. Department of Labor unveiled its final fiduciary rule. U.S. Representative Peter J. Roskam, Chairman of the Ways & Means Subcommittee on Oversight and author of the Strengthening Access to Valuable Education & Retirement Supports (SAVERS) Act, issued the following statement:

“We share in the administration’s goal of raising the bar for the financial services industry by requiring advisors to serve in their clients’ best interests. We look forward to passing the SAVERS Act to root out the bad apples while also preserving access to retirement advice for all Americans, not just the wealthiest among us.

“The SAVERS Act is clearly the best path forward. It's bipartisan, bicameral, and better.”

BACKGROUND

Known as the “fiduciary rule,” the Department of Labor’s new regulation will impose on financial advisors new mandates and regulatory requirements. Bipartisan concerns have been raised that the rule could cause individuals to lose access to trusted financial advisors, raise the cost of receiving financial advice, and lead to fewer small businesses offering retirement plans. In response, a bipartisan coalition introduced the SAVERS Act to strengthen retirement security without harming working families and small businesses. The legislation passed out of the Ways & Means Committee with bipartisan support on February 3.

SAVERS ACT FACTS

  • Raises the bar for the entire financial services industry by requiring advisors to serve in their clients’ best interests
  • Roots out bad actors by penalizing financial professionals who violate the trust of their clients
  • Requires advisors to clearly communicate key information to ensure investors are well-informed to make investment choices
  • Ensures that individuals and families saving for retirement have access to advice and investment options to meet their individual needs and circumstances