Financial Services Roundtable PAC
Political Committees |
Committee - Trade/Business
13th, Washington, DC 20005
Recent News About Financial Services Roundtable PAC
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Joe Rubin, who recently was named senior vice president of government relations and public affairs at Washington, D.C.-based public relations firm MWWPR and who previously served as senior counsel at Arnall Golden Gregory LLP, said the plaintiff groups’ arguments are “very strong.”
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U.S. Rep. Ann Wagner, a Republican, introduced The Protecting Advice for Small Savers, or PASS, Act of 2017 last week.
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In June, the U.S. Department of Labor published a Request for Information, or RFI, related to the rule and whether to delay its full implementation. The rule, released in April 2016, mandates financial professionals who service individual retirement accounts, including IRAs and 401(k) plans, to serve the “best interest” of the savers and disclose conflicts of interest.
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The Financial Services Roundtable, an advocacy organization for the nation’s financial services industry, polled 600 financial advisers from July 7-12.
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U.S. Rep. Jeb Hensarling, R-Texas, introduced the Financial CHOICE Act, or H.R. 10, in late April. The bill was advanced by the U.S. House Financial Services Committee, which Hensarling chairs, earlier this month.
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Last month, the U.S. Department of Labor released a measure officially delaying the implementation of the rule and its related exemptions by 60 days. The applicability date is now June 9. Some argue a longer delay is necessary, while others contend the U.S. Securities and Exchange Commission should step in and craft a better rule.
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The U.S. Department of Labor’s controversial new rule mandates financial professionals who service individual retirement accounts, including IRAs and 401(k) plans, to serve the “best interest” of the savers and disclose conflicts of interest.
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The applicability date of the rule and related exemptions will be extended from April 10 to June 9, the U.S. Department of Labor announced last week.
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The U.S. Department of Labor said earlier this month it would move forward -- under the direction of President Donald Trump -- with its efforts to delay the April 10 applicability date of the new “conflicts of interest” rule. The department said under its proposal the applicability date of the rule and related exemptions would be extended to June 9.
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The president’s order, signed Friday, instructs the U.S. Department of Labor to conduct a new study to determine whether the rule is likely to harm investors and the financial industry, and if it does, the rule can be rescinded or revised.
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The legislation, introduced by U.S. Rep. Joe Wilson of South Carolina Friday, would provide for a two-year delay of the U.S. Department of Labor’s fiduciary rule’s effective date. The rule mandates financial professionals who service individual retirement accounts, including IRAs and 401(k) plans, to serve the “best interest” of the savers and disclose conflicts of interest.
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Those within the financial services community seem hopeful, with Donald Trump’s presidential win Tuesday, that the U.S. Department of Labor’s conflicts of interest rule is in play.
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The Department of Labor, in a lawsuit brought by a group of trade associations in June, contends its conflicts of interest rule, despite the cost, better serves investors and aligns with other federal retirement laws. The department is asking a Texas federal court to rule in its favor.
