American Council of Life Insurers (ACLI) President and CEO Governor Dirk Kempthorne submitted a statement today to a U.S. House panel in support of a common-sense alternative to the U.S. Department of Labor’s proposed fiduciary regulation:
Washington, D.C. (March 16, 2016) — “The Administration should take a common-sense and fair approach and follow Congress’ lead in publishing a practical rule. Changes are sorely needed to avoid leaving low- and middle-income Americans without the education and the advice they want and need.
“On December 18, 2015, Chairman Roe joined with Representatives Neal, Roskam, Lujan Grisham, Carter, and Larson to introduce legislation to ensure financial professionals work in their clients’ best interests. ACLI supports these bills and looks forward to working with Members of Congress to pass a unified bill that would lead to a practical rule.”
The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 300 member companies operating in the United States and abroad. ACLI advocates in federal, state, and international forums for public policy that supports the industry marketplace and the 75 million American families that rely on life insurers’ products for financial and retirement security. ACLI members offer life insurance, annuities, retirement plans, long-term care and disability income insurance, and reinsurance, representing more than 90 percent of industry assets and premiums. Learn more at www.acli.com.