PRC letter to the U.S. House of Representatives opposing H.R. 2374 on fiduciary standards (July 8, 2013)

PRC letter to the U.S. House of Representatives opposing H.R. 2374 on fiduciary standards (July 8, 2013)


The Pension Rights Center sent a letter to every member of the U.S. House of Representatives, urging them to vote against H.R. 2374, the deceptively titled “Retail Investor Protection Act.” The Center warned that the bill would scuttle years of work and an on-going process to ensure that financial advisors provide investment advice that serves the best interest of the client and not the advisor’s self-interest.

On the same day, PRC Senior Policy Advisor Norman Stein and retiree Janice Winston participated in a closed briefing for Congressional staff on the negative impact that H.R. 2374 would have on retirement security.

The panel also included David Certner of AARP, who moderated the discussion, Marcus Stanley of Americans for Financial Reform, Shaun O’Brien of the AFL-CIO, and Ron Rhoades, a business professor at Alfred State and a certified financial planner. Watch videos from the briefing on PRC’s YouTube channel.

Read a group letter in opposition to H.R. 2374 that was sent to the House in June 2013.

In 2011, the Department of Labor proposed new fiduciary regulations, which were later withdrawn under pressure from the financial services industry. Below are links to PRC statements on those regulations.

  • Norman Stein’s testimony of the Department of Labor’s proposed fiduciary regulations at a hearing held by the Subcommittee on Health, Employment, Labor, and Pensions of the Committee on Education and the Workforce in the U.S. House of Representatives (July 26, 2011)
  • Letter and memo the Pension Rights Center sent to Congress, expressing support for the proposed regulations (July 20, 2011)
  • The Pension Rights Center’s supplemental comments the proposed fiduciary regulations (April 12, 2011)
  • Norman Stein’s testimony a Department of Labor hearing on the proposed regulations (March 1, 2011)
  • A PRC blog entry on the importance of the proposed regulations (February 15, 2011)
  • Joint comments the proposed regulations to the Department of Labor from the Pension Rights Center and the National Employment Lawyers Association (February 3, 2011)

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