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The Labor Department's Fiduciary Rule: How A Flawed Process Could Hurt Retirement Savers
Senate Committee on Homeland Security and Governmental Affairs
Senate Committee on Homeland Security and Governmental Affairs
Abstract
Under the leadership of Senator Ron Johnson, the Senate Committee on Homeland Security and Governmental Affairs issued a Majority Staff report on a proposed rule by the Labor Department which restructures the definition of investment guidance. The report discusses the purpose of the rule, which is to avoid conflict of interests, and how this rule could have negative consequences for investors of lower socioeconomic status. The Committee finds that the proposal could cause losses of tens of billions of dollars in retirement savings, and could put onerous burdens on investment advisors that complicate their jobs and increase litigation threats.
Date
2016-02-24
Document Type
Senate Majority Staff Report
Serial Number
Document Length
40 pages
Congress
114
Files
Relation
DOI
Keywords
Staff Reports
PAP Major Code
5: Labor and Employment
PAP Minor Code
500: General
Related Hearings
• Senate Committee on Health, Education, Labor, and Pensions, Subcommittee on Employment and Workplace Safety, hearing on "Restricting Advice and Education: DOL's Unworkable Investment Proposal for American Families and Retirees," 114th Cong., S.Hrg. 114-665, (2015, July 21)
• House Committee on Ways and Means, Subcommittee on Oversight, hearing on "Department of Labor's Proposed Fiduciary Rule," 114th Cong., H.Hrg. 114-OS07, (2015, September 30)
• House Committee on Ways and Means, Subcommittee on Oversight, hearing on "Department of Labor's Proposed Fiduciary Rule," 114th Cong., H.Hrg. 114-OS07, (2015, September 30)