The U.S. Department of Labor (DOL) has recently issued a new rule that redefines the definition of a fiduciary under the Employee Retirement Security Act (ERISA) by modifying what constitutes "investment advice." Unfortunately, this rule will have a disproportionate impact on low and moderate income Americans saving for retirement—and even employees of small businesses who save through an IRA. Specifically, the proposed rule will raise the cost of professional and personal investment advice, decreasing access and choice for small businesses and small investors.
The Chamber is committed to working toward a solution that further protects investors while expanding, rather than unnecessarily limiting, access to investment advice and investment choices and we need your help. Join our letter to the Congress that explains the potential consequences to small businesses.
Fill out the form below to add your organiztion or business to the letter. Click here to read the letter.