Fiduciary Bill Would Block DOL From IRAs
November 16, 2015 by John Hilton
Legislation introduced by a pair of congressmen would transfer regulatory oversight of IRAs to the Department of Revenue.
The Retirement Choice Protection Act, introduced by Reps. Mike Kelly, R-Pa, and Sam Johnson, R-Texas, would effectively derail the Department of Labor’s fiduciary rule. Last month, the pair co-authored a letter, co-signed by 103 House members, to Labor Secretary Thomas Perez expressing concerns that the rule would limit access to retirement advice.
The DOL is finalizing the fiduciary rule and is expected to publish it in the spring. The rule would hold anyone working with retirement funds, including IRAs, to a much tougher fiduciary standard. Click HERE to view article
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