FPC to Congress: Additional Delay to Fiduciary Rule “Will Prevent This Administration From Achieving A Priority Consumer Protection”

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) – sent a letter to all Democratic Members of Congress outlining how an additional comment period for the Department of Labor (DOL) fiduciary rule will effectively kill the regulation:

“Opponents of the Department of Labor (DOL) rule, which would legally obligate financial professionals to provide investment advice in the best interest of retirement investors, are vigorously advocating for a rider on the year-end spending bill that would require the DOL to provide an additional comment period before publishing a final rule. While this may sound harmless, it is not. It will run out the clock on this Administration’s ability to promulgate a final rule, which will as a practical matter defeat the rule.

“The DOL is ready to act now under its Congressionally-mandated authority under ERISA to protect tax-preferred retirement savings. Please tell the Democratic leadership that you oppose this latest tactic to block this long overdue and badly needed consumer protection.”