SIFMA Statement on Trump Memorandum to Delay DOL Fiduciary Rule 

Washington, DC, February 3, 2017 – SIFMA today released the following statement from Kenneth E. Bentsen, Jr, SIFMA president and CEO, on the memorandum issued by President Trump directing the Department of Labor to delay the applicability date of the fiduciary rule:

“The Department of Labor’s fiduciary rule is flawed and is causing harm to retirement savers. SIFMA’s members have long supported a best interest standard for brokers who provide personalized investment advice, but the DOL is not the right agency nor is the DOL rule the right approach. Delaying the applicability date to allow the new Administration an opportunity to review the rule’s impact on investors and the market is appropriate and not without precedent.”

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SIFMA is the voice of the U.S. securities industry. We represent the broker-dealers, banks and asset managers whose nearly 1 million employees provide access to the capital markets, raising over $2.5 trillion for businesses and municipalities in the U.S., serving clients with over $18.5 trillion in assets and managing more than $67 trillion in assets for individual and institutional clients including mutual funds and retirement plans. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.