The Trump Administration rolled out a new regulatory package for retirement investment advice that, if finalized, would allow brokers and insurers to siphon billions of dollars a year out of the retirement accounts of hard-working Americans, putting their ability to afford an independent and dignified retirement at risk. The regulatory package from the Department of Labor (DOL) would:

• Make it much easier for financial firms to avoid any fiduciary responsibility when advising retirement savers about their retirement plan and IRA investments.
• Deprive retirement savers of critical protections when the risks and conflicts are greatest.
• Substantially weaken protections against conflicts of interest when the fiduciary standard does apply.
• Render the standard unenforceable for IRA investors, leaving millions of retirement savers without recourse when they are victims of harmful advice.