Date: April 20, 2016
Issue: Fiduciary
To: Members of the House Committee on Education and the Workforce
Filing Type: Hill
Description: The Chamber supports H.J. Res. 88, which would rescind the Department of Labor’s (DOL’s) controversial “fiduciary” rule. The Chamber has continually expressed deep concerns about the negative impact of the fiduciary rule. While the final rule included some suggested changes to the proposal, serious concerns still remain, particularly about the impact on small businesses and individual savers. The Chamber believes that the DOL failed to address the concerns of small businesses. As a result, millions of small businesses may be precluded from offering retirement benefits to their employees.