The American Council of Life Insurers (ACLI) President and CEO Dirk Kempthorne issued the following statement in connection with the publication of the U.S. Department of Labor’s final fiduciary standard regulation:

Washington, D.C., (April 6, 2016) – “Our objective since the Department of Labor proposed the fiduciary regulation in April 2015 has been to work cooperatively with the Department to ensure its final rule protects consumers without inadvertently harming their ability to obtain the financial and retirement security advice they want and need.

“In our effort to help fix the 2015 proposal, we alerted the Department of the harm it would impose on lower- and middle-income workers preparing for retirement. We voiced our concerns with the flawed and inadequate regulatory cost-benefit analysis used by the Department to justify its proposal. ACLI submitted two comment letters and provided testimony during the Department’s public hearings, offering specific suggestions and modifications to the proposed regulation to prevent it from limiting retirement savers’ choices in financial products and access to financial guidance and education.

“We also have been supportive of congressional efforts, including federal bipartisan legislation, that share our objective for balance. That legislation would enhance consumer protections by ensuring savers and retirees maintain access to financial professionals who will be required to act in their clients' best interest.

“As we carefully review the final regulation, we will determine if necessary revisions have been made to avoid adverse unintended consequences for America's savers. Hopefully, the Department will have taken into account many of the 3,000 comments from members of Congress from both sides of the aisle, regulators, employers, retirement plan sponsors and others who warned of the proposed rule’s potential negative impact to America's savers.”