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ADISA Co-Signs CRA Support Letter to Encourage House to Pass H.J. Res. 88

Apr 28, 2016

ADISA joined other trade associations, representing a broad spectrum of financial services entities, to encourage the U.S. House of Representatives to take up and pass H.J. Res. 88, under the Congressional Review Act, ‘Disapproving the rule submitted by the Department of Labor relating to the definition of the term “Fiduciary.”’

Despite extensive efforts to educate the Department of Labor, the new 1,023-page DOL rule release fails to account for the many existing laws and regulations already governing the provision of financial advice and services. The letter strongly encourages Congress to use its authority to ensure the DOL’s regulation, which includes a 208-page “definition of the term fiduciary,” will not have an adverse impact on retirement savers.
 
The other trade associations who signed the letter include:

  • Alternative & Direct Investment Securities Association (ADISA)
  • Bond Dealers of America
  • Financial Services Institute
  • Financial Services Roundtable
  • Independent Insurance Agents and Brokers of America (The Big “I”)
  • The Real Estate Roundtable
  • SIFMA
  • U.S. Chamber of Commerce
 
Read the letter in its entirety here.