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White House Letter

Dear President Trump:
I am writing because I am deeply concerned about the Department of Labor investment advice rule also known as the “fiduciary rule.”  I understand the rule proposal could be issued by DOL at any time and I believe it must be stopped and reconsidered. 

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Senator Moran Letter to DOL

The Honorable Eugene Scalia
Secretary of Labor
Washington, D.C. 20210

The Honorable Jeanne Klinefelter Wilson
Acting Assistant Secretary of Labor

Dear Mr. Secretary and Ms. Wilson:

I write regarding the “Improving Investment Advice for Workers and Retirees” proposal recently issued by the Department of Labor.

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Senators Grassley & Ernst Letter to DOL

Dear Secretary Scalia and Assistant Director Wilson:

We write today regarding the “Improving Investment Advice for Workers and Retirees” proposal recently issued by the Department of Labor.

We appreciate the Department’s intention to preserve diverse investment advice arrangements as compared to the 2016 Fiduciary Rule proposed by the prior Administration, as well as the Department’s goal of harmonizing industry regulation in order to protect consumers. However, we have heard concerns from Iowans regarding the impact that this proposed rule would have on insurance agents and their clients.

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FACC DOL Testimony

The Federation of Americans for Consumer Choice, FACC, appreciates the opportunity to testify today. Let me say at the outset that we are encouraged to see many other industry trade associations speak to the very real concerns of independent agents and independent insurance distribution.

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Press Release: DOL Rule is Flawed

The Federation of Americans for Consumer Choice (FACC), voicing deep concerns with the Department of Labor’s “Improving Investment Advice for Workers & Retirees” proposal, is urging DOL to reconsider its proposal. FACC submitted written comments to DOL outlining how the proposal will significantly disrupt the fixed insurance marketplace, turn traditional insurance agents into fiduciaries, and create unworkable hurdles for independent distribution.

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Press Release: FACC URGES DOL TO WITHDRAW OR REWORK INVESTMENT ADVICE RULE

The Federation of Americans for Consumer Choice (FACC), voicing deep concerns with the Department of Labor’s “Improving Investment Advice for Workers & Retirees” proposal, is urging DOL to reconsider its proposal. FACC submitted written comments to DOL outlining how the proposal will significantly disrupt the fixed insurance marketplace, turn traditional insurance agents into fiduciaries, and create unworkable hurdles for independent distribution.

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Federation of Americans for Consumer Choice DOL Comment Letter

RE: Improving Investment Advice for Workers & Retirees Proposal
To Whom it May Concern:
The Federation of Americans for Consumer Choice (FACC) wishes to express its deep concerns regarding the above proposal issued by the Employee Benefits Security Administration of the Department of Labor (herein the “Department” or “DOL”).

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NAIC Suitability & Best Interest Key Duties & Obligations

The new model regulation requires agents act in the “best interest” of clients without placing their own or the insurer’s financial interests ahead of client interests. An agent acts in the best interest of the client if the agent satisfies specific obligations regarding care, disclosure, conflict of interest, and documentation.

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FACC Comment Letter: Appendix A

Dear Members of the Annuity Suitability Working Group:

We wish to comment briefly on the proposed Producer Relationship Disclosure form contained in Appendix A. We appreciate the Working Group may not be looking for additional comment but we are reacting to submissions by other interested parties which go to the premise of the form itself.

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