WASHINGTON, D.C., April 26, 2018 – The U.S. Chamber of Commerce, Financial Services Institute, Financial Services Roundtable, Insured Retirement Institute, and Securities Industry and Financial Markets Association released the following statement today on motions to intervene in order to petition the full Fifth Circuit Court of Appeals to rehear the recent decision vacating the Department of Labor’s fiduciary rule in its entirety:

“The 5th Circuit got it right in its March 15, 2018 opinion striking the DOL fiduciary rule in toto.  We will oppose any motion to intervene in this case at this late stage.”

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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 $20 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.