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Harkin, Miller Statement on DOL Commitment to Sensible Fiduciary Regulation

WASHINGTON – Senator Tom Harkin (D-IA), Chairman of the Senate Health, Education, Labor and Pensions Committee (HELP), and Representative George Miller (CA-7), Ranking Member of the House Education and Workforce Committee, today issued the following statement after the Department of Labor announced that it will be re-proposing its rule clarifying who is a fiduciary with respect to retirement plans:

 “Today, the Department of Labor announced it would be taking further steps to make sure that it comes up with the best possible rule – a rule protecting the millions of people that rely on advisers when they make decisions about their retirement accounts.  The retirement system is complex, and there are a lot of issues to consider.  But the simple fact is that bad investment advice threatens the retirement security of middle class Americans.  The Department deserves a lot of credit for its efforts to hold advisers to the fiduciary standard Congress intended while taking into consideration the realities of a mature retirement industry. We urge the Department to move forward without delay on reproposal that will provide significantly increased protections for Americans concerned over their retirement security while being both practical and easy to manage.”

As Chairman of the HELP Committee, Harkin has made retirement security a priority and has been instrumental in pushing for improvements to the 401(k) system, including enhanced fee disclosure.

Rep. Miller has worked to ensure that every American deserves a secure retirement after a lifetime of hard work. He is the author of legislation that would expose hidden fees in 401(k) accounts that have been eating away at workers’ savings.