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Today, SIFMA president and CEO Kenneth E. Bentsen, Jr., issued the following statement after Rep. Phil Roe (R-TN) introduced the “Affordable Retirement Advice Protection Act,” and Rep. Peter Roskam (R-IL) introduced the ‘‘Strengthening Access to Valuable Education and Retirement Support Act of 2015’’ or the ‘‘SAVERS Act of 2015.” The bills were introduced with Reps. Richard Neal (D-MA) and John Larson (D-CT):
“We applaud Reps. Roe, Roskam, Neal and Larson for taking bipartisan action to protect investors. The Affordable Retirement Advice Protection Act is intended to enhance retirement security and promote a best interest standard for advisors serving retail investors by modifying current retirement law. The SAVERS Act similarly aims to promote the best interests of investors by modifying current tax law. SIFMA has long supported the creation of a best interest standard for brokers, yet the DOL’s proposal as written is fundamentally flawed and will hurt the very same investors it seeks to protect. We commend any congressional action that will help protect investor choice and access to guidance, without raising costs. Retirement savings is too important not to get this right.”
