HFSC Markup of Various Capital Formation Bills
SIFMA provided comments to the U.S. House of Representatives Committee on Financial Services on the Markup of Various Capital Formation…
SIFMA is pleased to provide comments regarding the Department of Labor’s (“Department”) proposed regulation under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) that will redefine the term “fiduciary” under section 3(21) of ERISA and section 4975(e) of the Internal Revenue Code of 1986, as amended (the “Code”).
While SIFMA believes that the provision of individualized advice should be covered by a best interest standard when both the financial professional and the client agree that a fiduciary account is what they both expect, this proposed rule goes too far and will have significant adverse consequences for Americans trying to save for retirement.
See Also:
United States Department of Labor: Conflict of Interest Proposed Rule
See Also:
SIFMA provided comments to the U.S. House of Representatives Committee on Financial Services on the Markup of Various Capital Formation…
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SIFMA, the Financial Services Forum, Bank Policy Institute, and American Bankers Association provided comments to the Federal Reserve Board (FRB)…