Senate, House Democratic Leaders to Trump Administration: No Evidence for 18-Month Delay of Critical Protections for Millions of Retirement Savers
Today, Senators
In August, the
"An 18-month delay seems unreasonable given the lack of justification and the speed with which it was proposed," wrote
In their letter to Secretary Acosta,
"We urge you to follow the law and carefully and critically review not only the public comments, from which there is no new information to support weakening protections for retirement savers, but also the industry's reactions to the partially implemented rule. Simply because the President asked the Department to review certain cost-benefit analyses, it does not justify substantially altering a rule that will help millions of Americans save for retirement."
Full letter below and PDF can be found HERE (https://www.help.senate.gov/imo/media/doc/091517%20Comments%20re%20Extension%20of%20Transition%20Period.pdf):
Attn: D-11712, 11713, 11850
Suite 400
Re: Extension of Transition Period (RIN 1210-AB82)
Dear Secretary Acosta:
As we wrote in our
We remind you that further delay serves neither the interests of industry nor investors. The constant uncertainty makes it difficult for industry to properly plan for compliance, and it causes confusion for retirement savers as to what protections they are afforded while temporary enforcement policies remain in place.[1] The delay is particularly puzzling given the first partial effective date in June, which, contrary to concerns, did not send the financial services industry into a tailspin. In fact, the head of client experience and growth at
We also reiterate our concern that the Department's dilatory actions are merely a pretext for weakening retirement investor protections in the final rule. The Department's actions thus far support our concerns, as it has now sought comments regarding delays on three separate occasions: (1) the initial applicability delay from
For example, on
Earlier this year, in a
We continue to support the rule as finalized and urge you to proceed with the
Sincerely,
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