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Print this pageICI Experts Testify at Department of Labor Fiduciary Rule Hearings
During four days of spirited hearings, dozens of witnesses provided testimony on the Department of Labor’s proposed fiduciary duty rule. David Blass, ICI general counsel, and Sean Collins, ICI senior director of industry and financial analysis, represented the views of the mutual fund industry and the Institute.
In his testimony, General Counsel David Blass represented ICI’s grave concerns that the Department of Labor’s proposal is overly complicated and confusing, and will harm—instead of help—retirement savers. He explained that, as drafted, the proposal will limit retirement savers’ choice of advice provider, restrict savers’ access to information they need for retirement planning, and increase costs, particularly for those retirement savers who can least afford it. He offered five primary recommendations for correcting the problems with the current proposal.
Senior Director of Industry and Financial Analysis Sean Collins focused his testimony on the Regulatory Impact Analysis used by the Department of Labor to justify its proposed rule. ICI’s examination of the Regulatory Impact Analysis found that it is fundamentally flawed and does not support the DOL’s claims of huge benefits to individual retirement account (IRA) savers.
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