Financial Planning Coalition Statement Opposing Congressional Efforts to Block DoL Fiduciary Rule

Washington, D.C. – The Financial Planning Coalition – comprising Certified Financial Planner Board of Standards, Inc. (CFP Board), the Financial Planning Association® (FPA®) and the National Association of Personal Financial Advisors (NAPFA) – issued the following statement regarding Congressional efforts to block the Labor Department’s final fiduciary rule, under the Congressional Review Act:

“The Financial Planning Coalition opposes any effort by Congress to thwart the Department of Labor’s final fiduciary rule, which reflects extensive public comment and articulates common-sense standards for ensuring financial advice in consumers’ best interest. Initial reactions from many financial services firms and professionals – across business models – have been largely supportive and focused on implementation rather than opposition. We strongly urge Congress to step back, respect the comprehensive feedback process, and not to interfere with final implementation of this important rule to benefit millions of American retirement savers.”