Hill Hearing to Focus on Fiduciary Rule’s Impact on Younger Savers
The Department of Labor (DOL) hearings may be over, but a House committee plans to hold a hearing of its own on the fiduciary rule reproposal and its impact on younger savers.House Ways & Means Oversight Subcommittee
Chairman Peter Roskam (R-Ill.) proclaimed 2017 as “the year when tax reform gets real,” and implored organizations and individuals who care about retirement savings to lay the groundwork now in Congress so that the product of a future tax reform bill will increase the ability of Americans to save for their retirement. Roskam also revealed that his subcommittee is planning to hold a hearing on the DOL’s fiduciary rule re-proposal, with a focus on the rule’s impact on younger savers and their ability to access investment advice.
Offering a preview of the hearing’s focus, Roskam was critical of DOL’s fiduciary rule. He invoked an old Illinoisan saying: when the bulls fight, the grass loses. In his view, the bulls are the Department of Labor and the grass is the moderate income savers whose access to investment advice will be trampled should the fiduciary rule be finalized in its current form.
Roskam made his remarks at a retirement savings event organized by the Financial Services Roundtable (FSR), an organization that represents larger integrated financial services firms.Andrew Remo is the American Retirement Association’s Director of Congressional Affairs.