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WASHINGTON, DC – The American Securities Association (ASA) today issued the following statement from President & CEO Chris Iacovella on the U.S. Department of Labor’s (DOL) Retirement Security Rule, amending the definition of an investment advice fiduciary under the Employee Retirement Income Security Act:
“The Department of Labor’s fiduciary rule sequel is just as bad as the original, and just as likely to meet the same fate in court. The Department's rushed rulemaking process will threaten retirement savings and limit access for millions of hardworking Americans. ASA will assess the rule and work with our members to determine how to protect the interests of America’s investors, including potential litigation.”
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About the American Securities Association
American Securities Association, based in Washington, DC, represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.