Tell Congress to Fix the DOL Fiduciary Regulation
NAFA Joins Fellow Trade Groups in Support of Bipartisan Bills on Financial Advice, Association Launches Grassroots Effort to Engage Members
WASHINGTON (Feb. 24, 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 this month 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, combined with our grassroots campaign, is the next step in our continued fight to protect individuals and small businesses from potentially harmful regulation.”
To further strengthen NAFA’s efforts, members, including individuals from insurance carriers, all aspects of distribution and organizations that support others in the sale of fixed annuity products, are encouraged to participate in the association’s newly launched grassroots efforts. NAFA has made it easy for its membership to reach out to their elected officials and underscore the importance of supporting this legislative fix by visiting its advocacy website. There, members can click “Take Action” and customize the “Tell Congress to Fix the DOL Fiduciary Regulation” letter urging support for these bills that will be delivered to the appropriate member(s) of Congress.
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.