The Insured Retirement Institute chimed in on a bill that would delay fiduciary rules intended to protect retirees from bad or self-serving financial advice.
On Tuesday, the U.S. House of Representatives' passed the Retail Investor Protection Act, which would force the Securities and Exchange Commission and the U.S. Department of Labor to delay the release of their fiduciary rules.
The bill, if passed by the Senate and signed into law by President Barack Obama, would require the DOL to wait to re-propose its fiduciary rule until 60 days after the SEC issues its fiduciary proposal under Dodd-Frank. The goal is to make sure both agencies work together so companies don't find themselves at odds with one fiduciary standard when they are attempting to comply with the other agency's fiduciary standard.
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