American Council of Life Insurers (ACLI) President and CEO Governor Dirk Kempthorne issued the following statement in support of legislation that would ensure financial professionals work in their clients’ best interest:

Washington, D.C. (June 8, 2017) -- “The American Council of Life Insurers (ACLI) supports the Affordable Retirement Advice for Savers Act, introduced today by Reps. Phil Roe (R-Tenn.) and Peter Roskam (R-Ill.), and the Affordable Retirement Advice Protection Act, introduced today by Senator Johnny Isakson (R-Ga.). Both measures would ensure Americans receive financial advice that is in their best interest while also maintaining access to the financial products and services they want and need.

“ACLI supports reasonable and appropriately tailored rules that require all sales professionals to act in the best interest of their customers.

“The Affordable Retirement Advice for Savers Act and the Affordable Retirement Advice Protection Act represent positive steps in contrast to the Department of Labor’s fiduciary regulation that will take effect June 9. As currently written, the regulation significantly harms consumers’ ability to plan and save for financially secure retirements. It limits retirement savers’ access to education and information about retirement solutions like annuities, the only financial products in the marketplace that guarantee lifetime income.

“ACLI is encouraging collaboration between the Labor Department, the Securities and Exchange Commission, the states and Congress to develop comprehensive public policy solutions that help Americans meet their financial and retirement security goals.”