Coalition Statement on Appropriators’ Letter to OMB Regarding DOL Fiduciary Rule

The Financial Planning Coalition issued the following statement after a letter from the Chairmen of the House and Senate Appropriations Subcommittees on Financial Services and General Government was sent to Office of Management and Budget (OMB) Director Shaun Donovan, expressing concerns over the Department of Labor’s (DOL) fiduciary rule proposal:

“We continue to urge the OMB to thoroughly and swiftly review the DOL’s proposed fiduciary rule and to resist any attempts by policymakers and industry participants to halt or delay this process based on mere presumptions about a yet-to-be-released rule. Premature attempts to keep the DOL’s proposed update of a 40 year-old rule from being subject to public review and comment should be opposed. While the Coalition cannot support the substance of a rule it has not seen any more than opponents can condemn it, we support an open and transparent process, a position anyone concerned about the security of Americans’ retirement savings should hold. We look forward to reviewing the rule when it is released for public review and comment by all stakeholders.”