Rep. Blum Leads Effort to Reform Conflicts Of Interest Rule
Bipartisan Iowa Delegation Letter Asks DOL to Reconsider Policy while House-passed Legislation Delays Implementation
Congressman Rod Blum (R-IA) led a bipartisan Iowa delegation letter to the Department of Labor (DoL) requesting a review of the recently proposed Conflicts of Interest Rule under the Employee Retirement Income Security Act of 1974 (ERISA). The letter specifically asks the Department to revisit potentially harmful portions of the rule to better protect consumers and ensure the continued ability of the financial planning industry that is a critical part of Iowa’s economy to effective serve their customers. Senators Chuck Grassley and Joni Ernst joined with Representatives Dave Loebsack and David Young in also signing the letter.
Additionally, Congressman Blum voted “yes” yesterday as the House of Representatives passed H.R. 1090, the Retail Investor Protection Act, which would delay implementation of the rule until the Security and Exchange Commission updates their fiduciary standard in order to avoid a conflicting standards and increased confusion for consumers and the industry.
“I’ve heard personally from many Iowans who worry the proposed rule will have harmful effects on their ability to retire with true security,” said Congressman Blum. “Our government shouldn’t be making it more difficult for hard working families to get financial advice, and we’re standing up on behalf of Iowans who are simply trying to plan for their families’ future. We’re simply requesting that the Department listen to input from concerned Iowans, consider the possible damage their proposed rule will do, and make common sense modifications before moving forward.”
The full letter to the Department of Labor can be read here: http://1.usa.gov/1Gxbh3m
Rod Blum is the Republican Congressman in Iowa’s 1st District. He is a member of the Budget and Oversight & Government Reform Committees.