Bill is companion legislation to Rep. Ann Wagner’s bill, the Retail Investor Protection Act
FEBRUARY 4, 2016 | By Melanie Waddell | Investment Advisor Magazine
Late Thursday, Senator Roy Blunt, R-Mo., introduced the Retail Investor Protection Act, companion legislation to Representative Ann Wagner’s bill, to stop the Department of Labor from moving forward on its rule to change the definition of fiduciary on retirement advice.
The bill is co-sponsored by Republican Sens. Mike Crapo, R-Idaho; Steve Daines, R-Mont.; Johnny Isakson, R-Ga.; Mark Kirk, R-Ill. and Shelley Moore Capito, R-W.Va.
DOL’s “proposed regulation on retirement account investments will increase costs, reduce access to advice and services, limit options and lead to lower retirement savings for millions of Americans,” Blunt said in introducing the bill.
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