Chamber of Commerce urges Donald Trump to take 'immediate action to undo' DOL fiduciary rule

Initial implementation of the rule is currently scheduled to begin in April.
DEC 13, 2016
The U.S. Chamber of Commerce this week broke the relative silence of financial industry lobbying groups and called for the incoming Trump administration to take “immediate action to undo” a Labor Department investment-advice rule. It's a stance that most assumed industry trade associations would take, but they seem to be having trouble coming up with a precise “ask” for the Trump administration regarding the DOL rule, which would require financial advisers to act in the best interests of their clients in retirement accounts. The Chamber stepped into the void and made clear that it wants the Trump administration to put the rule at the top of its to-do list — or rather its “undo” list. “[W]e are urging immediate action to undo the Department of Labor's Fiduciary Rule,” Chamber President Thomas J. Donohue wrote in a Dec. 12 blog post. “If enacted, it would choke economic growth, increase frivolous litigation against financial advisers and make saving for retirement more difficult for hardworking Americans.” The Obama administration says the rule is needed to protect workers and retirees from conflicted investment advice that leads to inappropriate high-fee products that erode savings. Initial implementation of the rule begins in April. The Trump administration faces challenges in taking it off the books.

Latest News

Northern Trust names new West Region president for wealth
Northern Trust names new West Region president for wealth

The new regional leader brings nearly 25 years of experience as the firm seeks to tap a complex and evolving market.

Capital Group extends retirement plan services further with a focus on advisors
Capital Group extends retirement plan services further with a focus on advisors

The latest updates to its recordkeeping platform, including a solution originally developed for one large 20,000-advisor client, take aim at the small to medium-sized business space.

Why RIAs are the next growth frontier for annuities
Why RIAs are the next growth frontier for annuities

David Lau, founder and CEO of DPL Financial Partners, explains how the RIA boom and product innovation has fueled a slow-burn growth story in annuities.

Supreme Court slaps down challenge to IRS summons for Coinbase user data
Supreme Court slaps down challenge to IRS summons for Coinbase user data

Crypto investor argues the federal agency's probe, upheld by a federal appeals court, would "strip millions of Americans of meaningful privacy protections."

Houston-based RIA Americana Partners adds $1B+ with former Morgan Stanley director
Houston-based RIA Americana Partners adds $1B+ with former Morgan Stanley director

Meanwhile in Chicago, the wirehouse also lost another $454 million team as a group of defectors moved to Wells Fargo.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.