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. (July 19, 2017) -- “The American Council of Life Insurers (ACLI) commends the House Education and the Workforce Committee for passing the Affordable Retirement Advice for Savers Act (H.R. 2823).

“This measure 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.

“Introduced by Reps. Phil Roe (R-Tenn.) and Peter Roskam (R-Ill.), the Affordable Retirement Advice for Savers Act represents a positive step in contrast to the Department of Labor’s fiduciary regulation. 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.”