SIFMA today released the following statement from Kenneth E. Bentsen, Jr, SIFMA president and CEO, on the memorandum issued by President Trump directing the Department of Labor to delay the applicability date of the fiduciary rule:
“The Department of Labor’s fiduciary rule is flawed and is causing harm to retirement savers. SIFMA’s members have long supported a best interest standard for brokers who provide personalized investment advice, but the DOL is not the right agency nor is the DOL rule the right approach. Delaying the applicability date to allow the new Administration an opportunity to review the rule’s impact on investors and the market is appropriate and not without precedent.”
