American Council of Life Insurers (ACLI) President & CEO Dirk Kempthorne issued the following statement on Alex Acosta being confirmed as the new U.S. Secretary of Labor:

Washington, D.C., (April 27, 2017) – “The American Council of Life Insurers (ACLI) congratulates Alex Acosta on his confirmation by the U.S. Senate as the Secretary of Labor.

“Secretary Acosta is a skilled professional with a wealth of experience that will serve him well in his new position.

“One of the key issues he will face is the Labor Department’s fiduciary regulation. We were encouraged by Secretary Acosta’s Senate testimony in his confirmation hearing in which he supported the February 3 presidential memorandum calling for a review of the regulation -- a regulation that limits consumer choice and significantly harm consumers’ ability to plan and save for a secure retirement.  

“We believe an objective analysis of the regulation will conclude the need to rescind or revise the regulation.

“ACLI urges Secretary Acosta to delay the fiduciary regulation until the department has completed its examination. The department’s plan to implement key aspects of the fiduciary regulation on June 9 is illogical, since it is not clear the examination will be finished by then. The June 9 applicability date also is confusing and harmful to consumers and the businesses providing services to them.

“In addition, ACLI was encouraged by the support expressed by Secretary Acosta in his testimony for helping small businesses expand retirement plan coverage. As major providers of retirement plan coverage to the small business community, life insurers are keenly interested in promoting efforts that foster small business plan creation to increase workers’ retirement savings.

“We look forward to working with Secretary Acosta, Congress and the states on public policies that help Americans achieve their financial and retirement security goals.”

The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 290 member companies operating in the United States and abroad. ACLI advocates in state, federal, 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 94 percent of industry assets, 93 percent of life insurance premiums, and 97 percent of annuity considerations in the United States. Learn more at www.acli.com.