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CFP Board Advocates on Capitol Hill for DOL's Proposed Retirement Security Rule

February 15, 2024
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CFP Board Chair Matthew B. Boersen, CFP®, CFA® participates in meeting with congressional staffers.

CFP Board’s leadership and public policy team have been active on Capitol Hill during the first weeks of 2024, continuing advocacy that began in 2023 regarding the U.S. Department of Labor’s (DOL’s) proposed retirement security rule.

Investors now overwhelmingly expect that financial professionals will provide them with financial advice in their best interests. CFP Board believes that the regulatory standard DOL has proposed would meet a retirement investor’s reasonable expectation of a relationship of trust and confidence. In a January 2, 2024, comment letter, CFP Board urged the DOL to move forward expeditiously with a final rule designed to protect retirement investors. CFP Board also offered some suggestions for improving the proposed rule.

During the week of February 12, 2024, CFP Board Chair Matthew B. Boersen, CFP®, CFA® engaged in productive dialogue with congressional staffers, addressing relevant concerns and providing insights on DOL’s proposed rule.

In support of CFP Board’s work to ensure members of Congress understand the value of the DOL’s proposed rule, CFP Board has prepared a handout addressing how the NAIC Model Regulation about suitability for annuity transactions does not adequately protect American retirement investors. CFP Board believes the DOL’s retirement security rule will fill the regulatory gap and apply a consistent and strong standard for retirement savings.

CFP Board appreciates the staff of Representative Susan (Ellis) Wild (PA), Representative Lucy McBath (GA), Representative Kathy Manning (NC), Representative Jahana Hayes (CT) and Representative Ilhan Omar (MN) for discussing with CFP Board representatives the intricacies of how this rule safeguards Americans from conflicts of interest in receiving retirement investment advice.

Download the Handout: Americans Need DOL’s Retirement Security Rule