American Council of Life Insurers (ACLI) Executive Vice President and General Counsel Gary Hughes issued the following statement in response to a federal court decision on the U.S. Department of Labor’s fiduciary rule:

Washington, D.C., (February 8, 2017) – “The American Council of Life Insurers (ACLI) is disappointed with the decision from the U.S. District Court, Northern District of Texas on our joint legal challenge with the National Association of Insurance and Financial Advisors (NAIFA) to the U.S. Department of Labor’s fiduciary regulation.

“ACLI and NAIFA continue to believe that the regulation is arbitrary and capricious, contrary to law and violates the First Amendment. We support responsible and balanced regulations that protect the interests of retirement consumers. But the regulation is neither reasonable nor balanced. It will harm the very people it is meant to help - retirement savers who now, more than ever, need access to the guaranteed lifetime income products (personal pensions) offered by ACLI and NAIFA members. It is essential that all Americans receive the financial advice they want and need.

“This decision underscores the urgency for the administration to act immediately to delay this misguided regulation. A delay will provide time for the administration to conduct a thoughtful review and to work with ACLI, NAIFA and other stakeholders toward public policies that help Americans achieve their financial and retirement security goals.”