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NASE Supports Congressional Legislation on Fiduciary Rule
The NASE has publicly announced its support for H.R. 2823, “Affordable Retirement Advice for Savers Act.” Introduced in the House by Chairman Roskam (R-IL) and Dr. Roe (R-TN) the legislation puts the interests of the American small business community ahead of federal red tape by overturning the burdensome fiduciary rule. The fiduciary rule is a one size fits all regulation and places a significant financial burden on small business. The NASE feels strongly that burdensome regulation will stifle innovation and growth in the small business sector and superfluous rules like these are simply a barrier to economic growth.
The Fiduciary Rule was finalized by the Department of Labor in 2016, under the Obama Administration. The NASE has been active in its support in revisiting the rule to ensure that compliance would maintain important checks and balances to ensure that financial
advisors are acting in the best interest of their clients and ensuring independent financial advisors are not pushed out of the market due to costly compliance costs. We believe there is a common sense solution and we continue to work with the Department of Labor
and Congress to finding a path forward.