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ASA, Trade Associations Urge Department of Labor to Reconsider ‘Rushed’, ‘Dismissive’ Retirement Security Rulemaking Process



WASHINGTON, DC – The American Securities Association (ASA) today joined 10 trade associations in sending a letter to the U.S. Department of Labor (DOL), Office of Management and Budget (OMB), and the Office of Information and Regulatory Affairs (OIRA) outlining significant flaws related to the regulatory process of the DOL’s Retirement Security Rule.

 

“The impact of the DOL’s process failures will harm millions of low- and middle-income workers seeking a secure and dignified retirement,” said ASA President & CEO Chris Iacovella.

 

“For the sake of the regulatory process' integrity and to prevent and protect harm from accruing to millions of America's workers and retirees, we ask you to reconsider this rush to judgment and allow for further input and constructive dialogue before this rule is finalized,” the trades wrote.

 

The letter, signed by the below organizations, further expands on these views and can be found here.

 

Alternative & Direct Investment Securities Association (ADISA)

American Council of Life Insurers (ACLI)

American Securities Association (ASA)

Committee of Annuity Insurers (CAI)

Davis & Harman on behalf of the Broker Dealer Coordination Group

Financial Services Institute (FSI)

Finseca

Indexed Annuity Leadership Council (IALC)

Insured Retirement Institute (IRI)

National Association for Fixed Annuities (NAFA)

National Association of Insurance & Financial Advisors (NAIFA)

 

 

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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.

 

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