Sen. Scott Backs Effort to Stop Obama-Era ‘Fiduciary Rule’
The same week the Fiduciary Rule is set to go into effect, Sen.
Known as the "fiduciary rule" and found in the fine print of hundreds of pages of
The introduced legislation, the Affordable Retirement Advice Protection Act, S.1321, would preserve access to quality financial planning and ensure that retirement advisors serve the best interests of low- and middle-income Americans. It would also amend the Employee Retirement Income Security Act of 1974 to raise investment advice standards for the retirement industry and strengthen protections for those saving for retirement. Scott joined
"Hardworking American families deserve access to affordable and reliable investment advice," said Scott. "In its current form, the
The Affordable Retirement Advice Protection Act seeks to block the
* Raise standards for the retirement services industry and strengthen protections for savers by directing retirement advisors to serve in their clients' best interests
* Penalize financial professionals who violate the trust of their clients
* Require clear communication of key information by advisors to ensure investors are well informed to make investment choices
* Ensure advice and investment options are available to individuals seeking retirement savings guidance to best meet their needs and circumstances.
Since the rule was announced by the Obama administration, Scott has been aggressive about stopping its implementation, which included sending a letter to Labor Secretary Acosta urging him to conduct an immediate review of the rule. Full text of the letter sent on
Full text of the Affordable Retirement Advice Protection Act can be viewed here.
Background:
In
Despite these concerns, the
On
On
Secretary Acosta then announced that the department needs more time to consider its options for addressing this rule. However, following the current delay of the rule, this rule will go into effect despite some non-enforcement provisions designated by the
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