A new coalition letter signed by leaders of 33 leaders of free-market and conservative public policy organizations urges Congress to defund the Department of Labor’s (DOL) “fiduciary rule” takeover of 401(k)s and individual retirement accounts (IRAs).
This rule would severely restrict investment choices in savings plans such as 401(k)s and individual retirement accounts (IRAs), especially by poor and middle class investors, by forcing investment professionals to adhere to a one-size-fits-all definition of “best interest” for assets and investing strategies in these savings plans.
The letter, coordinated by the Competitive Enterprise Institute, states that Congress “must exercise its power of the purse” to stop this “action by the administration that has attracted bipartisan opposition owing to the massive negative effects it would have on Americans’ retirement savings.” Read more
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