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Hispanic Leadership Fund Files Amicus Brief 6/3/24

The Hispanic Leadership Fund (“HLF”) has a strong interest in this case. DOL’s latest rule redefining who is an investment advice fiduciary (“2024 Fiduciary Rule”) is effectively the same as the very harmful 2016 Fiduciary Rule that was invalidated in a 2018 decision by the United States Court of Appeals

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U.S. Chamber of Commerce Files Amicus Brief 5/31/24

The Chamber of Commerce of the United States of America (“Chamber”) is the world’s largest business federation, representing approximately 300,000 direct members and indirectly representing the interests of more than three million businesses and professional organizations of every size, in every industry sector, and from every region of the country.

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Complaint: FACC et al. vs DOL 05/02/2024

FACC is disappointed that the DOL has chosen to go down this same tired path with yet another proposal that blatantly violates the 2018 ruling by the Fifth Circuit and arrogantly ignores limitations of its authority under ERISA. The DOL’s new rules are yet another assault on the financial services

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Why the New DOL Fiduciary Rule Is Scarier Than Ever

DOL keeps resorting to the same script, which is to turn all agents and brokers into fiduciaries because apparently there is a lack of regulation around an industry that is otherwise awash in regulatory requirements. This is not intended to be cynical but reflects exasperation with the DOL’s 15-year fixation on extending its regulatory power through fiduciary duty.

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FACC Comment Letter – Opposing DOL Fiduciary Rule

FACC sincerely hopes the DOL will reflect in earnest over our concerns about this ill-conceived package of rules and exemptions even though DOL and FACC are engaged in ongoing litigation relating to prior DOL pronouncements. FACC is driven primarily by its commitment to a strong marketplace in which independent agents can function effectively in delivering quality fixed annuity and insurance products to clients who, in turn, want choices for protecting their assets and achieving a secure retirement. It is FACC’s hope that the DOL will reconsider and withdraw its proposed rulemaking, which will otherwise merely serve to unleash a new round of litigation and confusion for retirement savers at a time when those energies could be spent more productively working towards better education of consumers, improving coordination among regulators, and strengthening laws that govern America’s retirement system.

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FACC Testimony DOL Hearing 12-12-23

FACC believes the DOL is trying to turn 50 years of ERISA history upside down – which we think is wrong – both legally and as a matter of public policy.  Putting aside the legal issues for a moment – those will have their day if this proposal goes forward – we believe the DOL has created a “false narrative” – for lack of a better phrase – suggesting there is a need to bring Title I regulation for employer plans to IRAs sold to individual consumers covered by Title II. 

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FACC v. DOL Supplemental Brief

The Proposed Rule proves an important point, i.e., the DOL’s goal has remained unchanged over the past 15 years of rulemaking. While the DOL will likely insist that the Proposed Rule is different from the New Interpretation because the DOL is repealing the five-part test, that is an immaterial distinction. In fact, the Proposed

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