Release Date: January 29, 2016
Contact: Carol Danko, 202-962-7390, [email protected]

SIFMA Statement on DOL Fiduciary Rule at OMB

Washington, D.C., January 29, 2016 – SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., president and CEO, in reaction to the Department of Labor (DOL) sending its fiduciary rule proposal to the Office of Management and Budget (OMB) for review:

“As clearly noted in the thousands of substantive comment letters submitted to the Department of Labor, the proposed rule could have serious consequences for retirement savers including limiting choice and access to advice, while raising the cost of saving. Given the consequential impact the proposed rule would have on investors and the additional costs involved, as many independent analysts have reported, we strongly urge the OMB to conduct a comprehensive cost-benefit review of the final proposed rule.

“The OMB has a statutory mandate to get this right. To do so, it must fully assess the economic impact of the DOL’s rule to ensure it serves the best interest of American investors without making saving harder and causing them undue harm.”