To comply with changing international privacy requirements, ICI informs its visitors that we use cookies on our web site. ICI only uses cookies to allow subscribers and members to more easily use our site and to record site utilization. No personal or private information is gathered or stored. More details, including how to disable cookies, can be found on our privacy and cookie policy page. If you disable cookies, you will see this message on future visits to our site. Please click the enable button to consent to accepting cookies.
  • ICI Global
  • Independent Director's Council
Sign In  |  Forgot Password?
Advanced | Tips
  • Home
  • Policy Priorities
    • Fund Regulation
    • Retirement Security
    • Trading & Markets
    • Fund Governance
    • Taxes
    • ICI Comment Letters
  • Research & Statistics
    • Industry Research
    • Investor Research
    • Retirement Research
    • Statistics
  • Government Affairs
    • Financial Services
    • Retirement Security
    • Tax
    • Testimony
  • Industry Operations
    • Fund Accounting, Financial Reporting, and Valuation
    • Fund Distribution, Fund Clearance, and Settlement
    • Operations, Transfer Agent Servicing, and Recordkeeping
    • Portfolio Security Operations
    • Resource Centers
    • Technology, Business Continuity, and Information Security
  • News & Media
    • Media Contacts
    • News Releases
    • Blog: ICI Viewpoints
    • Speeches & Commentaries
    • Opinions & Responses
    • Videos
  • Publications & Resources
    • Resource Centers
    • Frequently Asked Questions
    • Fact Books
    • Research Publications
    • White Papers
    • Annual Reports
    • Service Directory
  • Events
    • ICI Events
    • ICI Global Events
    • IDC Events
    • Past Event Highlights
    • Sponsorship Opportunities
    • Event Contacts
  • About ICI
    • Mission & History
    • Board & Leadership
    • Membership
    • Annual Reports
    • ICI Education Foundation
    • Business Continuity
    • Careers
    • Contact Us
  • Fund Regulation
    • Advertising
    • Broker-Dealer & Principal Underwriter Issues
    • CFTC Rule 4.5
    • Compliance
    • Derivatives
    • Disclosure
    • Electronic Delivery
    • Enforcement Actions
    • Fees
    • Financial Stability
    • Fixed-Income Securities
    • Investment Advisers
    • International
    • Municipal Securities
    • Privacy
    • Products
    • Risk Management
    • State Issues
    • Valuation
  • Retirement Security
    • Support of a Defined Contribution System
    • Regulatory Activities
    • Legislation
    • International
    • Plan Type
    • State Issues
    • Current Topics
      • Target Date Funds
      • Money Market Funds
      • Fiduciary Definition
      • E-Delivery
      • Lifetime Income
      • Fee Disclosure
  • Trading & Markets
    • Domestic
    • Global
  • Fund Governance
    • Directors & Fund Governance
    • Corporate Governance
  • Taxes
    • FATCA
    • Foreign Tax Issues
    • Information Reporting
    • Legislation
    • State Tax Issues
    • U.S. Taxation of Mutual Funds & Shareholders
    • 529 Plans
  • ICI Comment Letters

Home Policy Priorities Retirement Security Regulatory Activities Department of Labor

Print this page

ICI 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.

Additional Resources

ICI’s DOL Fiduciary Rule Resource Center

ICI Comments on the DOL’s Proposed Rules


top
  • About ICI
  • About IDC
  • About ICI Global
  • Privacy and Cookie Policy
  • Apply for User Account
  • Business Continuity
  • Contact ICI

Copyright © 2019 by the Investment Company Institute