Lawmakers to DOL Secretary: Kill That Rule

May 3, 2017 by John Hilton

Pressure continues to mount on the Department of Labor to weaken or dismantle the Obama administration-authored fiduciary rule.

The confirmation of Labor Secretary Alexander Acosta Friday led to a missive from GOP legislators urging him to make reforming the rule a priority. Delivered Tuesday, the letter was signed by 124 lawmakers.

The letter repeated industry concerns that small savers will be left behind if the fiduciary rule is fully adopted. In 2015, the Government Accountability Office found that 29 percent of Americans ages 55 and older had no money saved for retirement and no pension, the letter stated.

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Originally Posted at InsuranceNewsNet on May 3, 2017 by John Hilton.