A campaign launched in 2015 in response to the Department of Labor’s (DOL) misguided fiduciary duty rule. The U.S. Chamber called on DOL to protect small business retirement plans and small business employees from adverse impacts and unintended consequences of the rule.
The rule was finalized in April 2016 and while it accommodated a few concerns expressed by commenters, many of the critical fixes to the rule called for by the U.S. Chamber remain unaddressed or were made worse in the final rule. These include important issues such as whether the final rule discriminates against small businesses, limits the availability of investment education, substantially increases litigation risk to the detriment of savers and the retirement system, and gives insufficient time to implement the regulation. The U.S. Chamber is committed to working toward solutions that further protects investors while expanding, rather than unnecessarily limiting, access to investment advice and investment choices.
These critical fixes, which would reduce the extent to which the rule impedes access to quality investment advice and the choice of advisors, are among criteria against which the final rule is being assessed.