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Washington,
D.C.
–
Late
last
week,
U.S.
Senator
Tim
Scott
(R-SC)
joined
several
of
his
colleagues
in
requesting
newly-confirmed
Secretary
of
Labor
Alexander
Acosta
to
conduct
an
extensive
review
of
the
U.S.
Department
of
Labor’s
fiduciary
rule
and
delay
implementation
of
the
rule
until
the
review
has
been
conducted.
The
rule
is
set
to
go
into
effect
June
9,
2017,
and
could
limit
the
access
working
and
middle
class
families
have
to
basic
investment
education
and
assistance.
In
the
letter,
the
Senators
specifically
wrote,
“The
final
rule
harms
Individual
Retirement
Account
(IRA)
owners
by
interfering
with
owners’
access
to
investment
education...
[It
also]
makes
illogical
distinctions
between
the
same
educational
services
for
different
types
of
retirement
accounts.
These
harmful
distinctions
will
result
in
advisers
who
want
to
avoid
legal
liability
being
unwilling
to
provide
general
education
to
IRA
owners
who,
as
a
result,
may
be
less
informed
as
they
make
crucial
decisions
on
how
to
best
invest
their
IRA
savings
for
retirement.”
Additional
signatories
of
the
letter
include
Senators
Lamar
Alexander
(R-TN),
Michael
Enzi
(R-WY),
Richard
Burr
(R-NC),
Susan
Collins
(R-ME),
Johnny
Isakson
(R-GA),
Bill
Cassidy
(R-LA),
Todd
Young
(R-IN),
and
Pat
Roberts
(R-KS).
You
can
view
the
full
text
of
the
letter
here.
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