NAFA Joins Fellow Trade Groups in Support of Bipartisan Bills on Financial Advice
WASHINGTON (Feb. 9, 2015) — In an effort to ensure consumers receive retirement advice that is in their best interests, NAFA, the National Association for Fixed Annuities, joined fellow members of the Secure Family Coalition last week in issuing strong support for two bipartisan bills introduced in the House at the end of December 2015. These bills offer a congressional solution to the Department of Labor’s proposed fiduciary rule.
The Affordable Retirement Advice Protection (ARAP) Act (H.R. 4293) and the Strengthening Access to Valuable Education and Retirement Support (SAVERS) Act (H.R. 4294), co-sponsored by Reps. Phil Roe (R-TN), Peter Roskam (R-IL), Richard Neal (D-MA), John Larson (D-CT), Buddy Carter (R-GA), David Scott (D-GA), Michelle Lujan Grisham (D-NM), and Tom Reed (R-NY), are a joint package of legislation that would create a new best interest standard for advisors, provide for a seller’s exception and require concise new disclosures among other provisions. Ultimately, these bills are intended to help preserve retirement savers’ access to the financial education and products they need to successfully plan for the future.
“From the initial issuance of the proposed DOL rule last spring, NAFA has voiced concerns about how the proposal as written could unintentionally hinder consumers’ ability to adequately prepare for retirement,” said Chip Anderson, Executive Director of NAFA. “In joining the Secure Family Coalition with many of our fellow trade associations, we look to reinforce that position. Our support of recent bipartisan legislative efforts is the next step in our continued fight to protect individuals and small businesses from potentially harmful regulation.”
NAFA, the National Association for Fixed Annuities, is the premier trade association exclusively dedicated to fixed annuities. Our mission is to promote the awareness and understanding of fixed annuities. We educate annuity salespeople, regulators, legislators, journalists, and industry personnel about the value of fixed annuities and their benefits to consumers. NAFA’s membership represents every aspect of the fixed annuity marketplace covering 85% of fixed annuities sold by independent agents, advisors and brokers. NAFA was founded in 1998. For more information, visit www.nafa.com.