Sen. Scott Asks Labor Secretary to Initiate Immediate Review of Fiduciary Rule

Washington, D.C. – Late last week, U.S. Senator Tim Scott (R-SC) joined several of his colleagues in requesting newly-confirmed Secretary of Labor Alexander Acosta to conduct an extensive review of the U.S. Department of Labor’s fiduciary rule and delay implementation of the rule until the review has been conducted. The rule is set to go into effect June 9, 2017, and could limit the access working and middle class families have to basic investment education and assistance.

In the letter, the Senators specifically wrote, “The final rule harms Individual Retirement Account (IRA) owners by interfering with owners’ access to investment education… [It also] makes illogical distinctions between the same educational services for different types of retirement accounts. These harmful distinctions will result in advisers who want to avoid legal liability being unwilling to provide general education to IRA owners who, as a result, may be less informed as they make crucial decisions on how to best invest their IRA savings for retirement.”

Additional signatories of the letter include Senators Lamar Alexander (R-TN), Michael Enzi (R-WY), Richard Burr (R-NC), Susan Collins (R-ME), Johnny Isakson (R-GA), Bill Cassidy (R-LA), Todd Young (R-IN), and Pat Roberts (R-KS).

You can view the full text of the letter here.