The National Association of Insurance and Financial Advisors NAIFA supports the newly introduced Congressional Review Act (CRA) resolution disapproving the DOL’s final fiduciary-only rule that will negatively impact and impose new costs on middle- and low-income savers, as well as financial services professionals. CEO Kevin Mayeux, CAE, sent letters personally thanking Representative Rick Allen and Senators Joe Manchin, Ted Budd, and Bill Cassidy for introducing the resolution in the House and Senate, respectively. ACLI, NAIFA, Finseca, IRI and NAFA also issued a joint release supporting the CRA review.
Read the letter to Representative Allen: https://2635471.fs1.hubspotusercontent-na1.net/hubfs/2635471/CRA%20Allen%20letter.pdf.
Read the letter to Senators Manchin, Budd, and Cassidy: https://2635471.fs1.hubspotusercontent-na1.net/hubfs/2635471/CRA%20Senate%20letter-1.pdf.
“The Department of Labor failed to learn its lesson when its very similar 2016 fiduciary-only rule failed in the face of a lawsuit brought by NAIFA and others,” Mayeux said. “The current rule will harm the very people the DOL claims to want to protect–low- and middle-income savers–by depriving them of retirement-planning products and services. Financial professionals are required by the SEC’s Regulation Best Interest and annuity-transaction rules and laws in place in 45 states to serve consumers’ best interests. The DOL has decided to ignore these robust protections and impose an additional layer of restrictions on consumers and financial professionals. We thank Representative Allen and Senators Budd, Cassidy, and Manchin for their leadership and urge Congress to adopt the CRA resolution.”
Founded in 1890, the National Association of Insurance and Financial Advisors is the preeminent association for financial service professionals in the United States of America. NAIFA members, in every Congressional district and every state house, subscribe to a strong Code of Ethics and represent a full spectrum of practice specialties to promote financial security for all Americans. Complimented by its professional development and consumer divisions, the Society of Financial Service Professionals, and Life Happens, the association delivers value through advocacy, service, and education.
