The Securities Industry and Financial Markets Association (SIFMA) today released the following statement from Elizabeth Varley, managing director, government affairs in response to the Department of Labor introducing a new proposed rule on the availability of investment advice to participants in 401(k)-type plans and individual retirement accounts (IRAs).
“We are disappointed the Department of Labor decided to move in this direction after having withdrawn the previous final regulations and class exemption. The proposed regulation, if approved, will do little to expand American’s access to investment advice. Americans are seeking the best paths to saving and investing for their retirement and deserve rules that allow them to do so. Today’s move by Labor will hurt participants and investors, not help.”