As part of NAIFA’s National Leadership Conference, 248 NAIFA leaders from around the country spent December 5 on Capitol Hill, asking lawmakers to support our efforts to kill the Department of Labor’s (DOL’s) proposed fiduciary rule and exempt financial advisors from its worker classification/independent contractor proposed rule.

National and state chapter leaders visited 194 House and Senate offices representing 44 states, spreading the message that retirement investors are well-served by the already-robust Regulation Best Interest and state regulations, and thus the new proposed DOL fiduciary rule is unnecessary as well as overly burdensome. In fact, NAIFA leaders told lawmakers during the “Day on the Hill” the proposed fiduciary rule would actually hurt middle-class retirement investors by making access to quality, professional investment advice more expensive and/or less available. Currently, the proposed fiduciary rule is in the comment period stage (comments are due January 2, 2024).

NAIFA members also reinforced the message that insurance and financial advisors need their independent contractor status in order to serve best the interests of their clients. The proposed worker classification/independent contractor rule is currently under pre-finalization review at the White House’s Office of Information and Regulatory Affairs (OIRA).

Prospects: This grassroots constituent-level input will influence lawmakers’ decisions as to whether to pressure DOL to withdraw or change its proposed rules.

 NAIFA Staff Contacts: Diane Boyle – Senior Vice President – Government Relations, at dboyle@naifa.org; or Jayne Fitzgerald – Director – Government Relations, at jfitzgerald@naifa.org; or Michael Hedge – Senior Director – Government Relations, at mhedge@naifa.org.