ASA Urges Department of Labor to Extend Comment Period on Proposed Fiduciary Rule
WASHINGTON, DC – The American Securities Association (ASA) today filed a comment letter requesting an extension of the 60-day comment period for the DOL’s proposed Retirement Security Rule. The Proposed Rule introduces significant and unforeseen changes, necessitating more time for comprehensive analysis and commentary.
“ASA strongly urges the DOL to grant at least a 60-day extension of the comment period for the Proposed Rule and adjust the public hearing schedule,” said ASA General Counsel Jessica Giroux. “We also believe the DOL should hold a public hearing after the Proposed Rule's comment period closes. This approach will maximize the potential for meaningful feedback.”
The Proposed Rule would update the definition of an investment advice fiduciary under the Employee Retirement Income Security Act to establish the new requirements. The brief comment period for the Proposed Rule is unprecedented, notably when compared to the 2010 Fiduciary Rule and 2016 Fiduciary Rule when comment periods were extended.
ASA’s comment letter is available here.
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.