Republican and Democratic lawmakers plan to introduce legislation soon that they say will “protect the retirement savings of all Americans” from the upcoming release of the Department of Labor’s rule to change the definition of fiduciary on retirement advice.
Reps. Peter Roskam, R-Ill., Richard Neal, D-Mass., Phil Roe, R-Tenn., and Michelle Lujan Grisham, D-N.M., outlined Thursday what they say are a series of legislative principles that will “help strengthen the retirement security of working families and ensure retirement advisors protect their clients’ best interests.”
Roe is a member of the Education and Workforce Committee while Reps. Roskam and Neal are members of House Ways and Means, and Rep. Michelle Lujan Grisham is a member of the House Oversight and Government Reform Committee.
The lawmakers note that their measures are needed as “bipartisan concerns grow” over how DOL’s pending final rule to change the definition of fiduciary under the Employee Retirement Income Security Act will impact low- and middle-income families.
The lawmakers said in a joint statement that they are “concerned” that DOL’s “current fiduciary proposal may have unintended negative consequences that could harm individuals and families saving for retirement.”
While DOL has pledged “to change aspects of the regulation before final issuance, [we] feel more must be done to adequately address concerns about the rule’s impact on the ability of low- and middle-class families to save for retirement.”