Business group launches attack on Obama’s proposed fiduciary regs
The business community is ramping up attacks against President Obama’s proposed regulations for financial advisers.
The conservative American Action Network (AAN) is launching a 30-second $100,000 ad buy Wednesday that urges Congress to oppose Obama’s proposal, known as “fiduciary rules.”
The ad buy comes two weeks before the Department of Labor (DOL), which is overseeing implementation of the rule, closes its public comment period July 21. The ad will run this week on Fox News as well as on “Fox News Sunday” this weekend.
{mosads}The ad argues that the new regulations will raise costs so significantly that it will force Americans to use “robo-advisors” to get financial advice instead of being able to afford advice from humans.
“Government is meddling with new restrictions for IRA retirement options,” a narrator says. “Tell Congress, ‘Give Washington’s hands off your IRA.’ “
The administration, as well as progressives, argue the new regulations are needed to better protect consumers.
The regulatory proposal would increase disclosure requirements for financial advisers. It would force them to disclose to consumers whether they earn payments from financial institutions for making sales on certain financial packages.
AAN president Mike Shields said the new regulations will “adversely affect many Americans’ choices, with the hardest impact on lower- and middle-income Americans trying to save and invest for their retirement.”
“We want voters to know that the government is meddling with their retirement savings and to call on their Member of Congress to keep Washington’s hands off their IRA,” Shields said.
Meanwhile, The Financial Services Institute (FSI) launched a new microsite for investors to weigh in with their members of Congress and the Department of Labor.
The site allows each investor to send letters to four office-holders – two senators, one member of Congress and Labor Secretary Tom Perez – in just two simple steps, urging them to oppose the regulations.
“In its current form, the DOL rule is unworkable and we are engaged to help make it work,” said FSI president Dale Brown.
Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
