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April 10, 2024 at 03:44 PM
What You Need to Know
- NAIFA is one of about 20 groups involved in the new round of DOL regulation review meetings.
- OIRA, the regulation review office, is part of the White House Office of Management and Budget.
- Regulation reviews can soften or even block proposed regulations.
The National Association of Insurance and Financial Advisors is making a new push this week to stop the U.S. Department of Labor’s effort to apply a fiduciary standard to retirement investment advice providers.
The group said it sent a team to ask White House regulation reviewers to block the DOL proposal.
Kevin Mayeux, NAIFA’s CEO, and other NAIFA representatives met with officials at the Office of Information and Regulatory Affairs. Mayeux told regulation reviewers that implementing the DOL proposal would make retirement savings advice too expensive for middle-income families by forcing financial professionals to charge all clients fees, rather than relying on sales commissions from financial product providers.
“Simply put, American investors need more personalized assistance and more options for retirement planning and saving, not less,” Mayeux said, according to a summary of his remarks provided by NAIFA.
What it means: NAIFA and other financial services groups think they still have a chance to stop or change the DOL proposal.
OIRA: OIRA is a little-known but powerful body that analyzes the costs and benefits of proposed regulations and other federal rulemaking efforts. OIRA is part of the Office of Management and Budget, which, in turn, is part of the Executive of the President.
The OIRA review process can lead to changes in regulation provisions, changes in the implementation process for completed regulations and, occasionally, decisions by federal agencies to drop regulations.
The DOL fiduciary rule fight: The Employee Retirement Income Security Act of 1974 gives the Labor Department the authority to regulate benefit plan fiduciaries. A benefit plan fiduciary must put the benefit plan participants’ interests first.
