Washington, D.C. – The Insured Retirement Institute (IRI) released the following statement from I RI President and CEO Cathy Weatherford following the U.S. House of Representatives passage of the Retail Investor Protection Act (H.R. 2374).
“This bill has put the spotlight on rulemaking taking place at the SEC and the Department of Labor regarding fiduciary rules for financial professionals. The Dodd-Frank Wall Street Reform Bill directed the SEC to study the need for a uniform standard of care for investment advisers and broker-dealers. The study concluded that the SEC should implement a uniform fiduciary standard, and the agency is now working to harmonize these standards. Meanwhile, the Department of Labor is working on its own accord to revise the definition of a fiduciary under ERISA. Without proper coordination, and without knowing what the SEC’s harmonized rule will be, there could be a scenario where there are two conflicting rules and unintended consequences for providers of financial information as well as their clients. We will continue to have a constructive dialogue with regulators regarding these issues to ensure that consumers can continue to access information about their retirement plan options.”