This week the House Capital Markets, Securities and Investments Subcommittee’s hearing on the impact of the Department of Labor (DOL) fiduciary rule will focus on the recently released discussion draft from Rep. Ann Wagner (R-MO). CFA strongly opposes this discussion draft. While it purports to impose a best interest standard on broker-dealers’ investment recommendations, it would dramatically weaken existing protections for retirement savers without providing meaningful new protections for investors in non-retirement accounts. As such, it would continue to put at risk working Americans and retirees who turn to financial professionals for advice on how to finance important long-term goals, such as saving for retirement, to purchase a home, or to fund a college education.
