Coalition Statement on Wagner Fiduciary Bill

The Financial Planning Coalition issued the following statement after Rep. Ann Wagner’s (R-MO) reintroduction of legislation that would delay, or even prevent the U.S. Securities and Exchange Commission (SEC) and the Department of Labor (DOL) from developing fiduciary rules crucial to investor protection:

“Rep. Wagner’s legislation, the Retail Investor Protection Act, is an investor protection bill in name only. The Financial Planning Coalition helped prevent this legislation from becoming law when it was first introduced and continues to oppose it now and in the future. This bill, if enacted, would leave American investors vulnerable to potential abuses and would substantially impede or even prevent the SEC from proceeding with Congressionally authorized fiduciary rulemaking. All investors deserve to receive investment advice that is based on their best interests, and this legislation would require the Commission to consider less adequate and less effective alternatives. The bill would also slow or effectively prohibit the DOL from proceeding with its proposed fiduciary rulemaking for financial professionals who provide investment advice to retirement savers. This cynical attempt to undermine these critical investor protection efforts should be opposed.”