House - Committee on Ways and Means - Subcommittee on Oversight
2016 04 - DOL - Regulating Advice Markets Definition of the Term "Fiduciary" Conflicts of Interest Retirement Investment Advice Regulatory Impact Analysis For Final Rule And Exemptions, Department of Labor - 395p
2016 - Legal Cases
2016 - LC - ACLI vs. Perez (DOL - Department of Labor) - Fiduciary Rule - Case 3:16-cv-01476-M - Perez, District Court Northern Texas --- [BonkNote]
2016 - LC - Chamber Of Commerce of the United States of America et al. v. Perez et al., Civil Action No. 16-cv-1476 (N.D. Tex., filed June 1, 2016) (Lynn, C.J.);
2016 - LC - National Association for Fixed Annuities v. Perez et al., Civil Action No. 16-cv-1035, (D.D.C., filed June 2, 2016) (Moss, J.); and
2016 - LC - Market Synergy Group, Inc. v. United States Department of Labor et al., Civil Action No. 16-cv-4083 (D. Kan., filed June 8, 2016)
2017 0301 - EBSA - EBSA-2010-0050 - Definition of the Term Fiduciary; Conflict of Interest Rule - Retirement Investment Advice; Best Interest Contract Exemption; etc.
3. Heard a Federal Update on the Implications of the DOL Fiduciary Rule - Brooke Stringer (NAIC)
Patrick C. Reeder, American Council of Life Insurers—ACLI ... said a fiduciary standard is not a bad standard, and it is an appropriate legal standard for situations where there is an ongoing relationship providing financial advice.
He said the problem with the DOL proposal is that it is a fiduciary-only approach, which would eliminate commission-based sales; i.e., the way that lower and mid-range clients buy products.
He said the DOL should recognize the changes that have taken place since 2017.
He said both the SEC’s Regulation Best Interest standard and the NAIC best interest revisions to the Suitability in Annuity Transactions Model Regulation (#275) provide a strong standard of care that is vigorously enforced.
He said state insurance regulators have a strong story to tell, and the DOL needs to hear from the NAIC.
Micah Hauptman (Consumer Federation of America—CFA) said there are gaps in the current regulatory framework.
He said he does not believe consumers’ reasonable expectations are being met.
He said the DOL should require a fiduciary duty, regardless of what products are being sold or how they are being sold.
He said consumers all expect and deserve high quality advice without the taint of conflicts of interest.
2024 0110 - GOV (House) - Examining the DOL Fiduciary Rule Implications for Retirement Savings and Access
ACLI, NAIFA, NAFA, IRI - American Council Of Life Insurers, National Association Of Insurance And Financial Advisors-Fort Worth, National Association Of Insurance And Financial Advisors-Dallas, National Association Of Insurance And Financial Advisors-Pineywoods Of East Texas, National Association Of Insurance And Financial Advisors-Texas, National Association Of Insurance And Financial Advisors, National Association For Fixed Annuities, Insured Retirement Institute and Finseca vs. United States Department Of Labor, And Julie Su, in her official capacity as Acting Secretary, United States Department of Labor