Washington, D.C. – U.S. Chamber of Commerce Vice President of Retirement Policy Chantel Sheaks issued the following statement after the Department of Labor proposed a rule rewriting the definition of an investment advice fiduciary under the Employee Retirement Income Security Act:
“The Chamber is disappointed that the Department of Labor has spent its time and resources resurrecting a rule that has previously been invalidated by the courts, is outside of its rulemaking authority, and, most importantly, does nothing to promote retirement security and savings. While they characterize the proposed rule as eliminating undefined ‘junk fees,’ the reality is that the proposed rule would make it more difficult for everyday Americans to receive investment advice. It creates a standard that does not exist under law and subjects many more entities to rules that Congress never meant to apply to them, would subject advisers to frivolous litigation, and would dramatically increase costs for both advisers and those receiving advice. DOL may not like how Congress delegated authority over investment advisors, but that does not give it the power to change the law and usurp other Agencies’ authority.”
