Just two days after NAIFA members were on the Hill, House Committee on Small Business Chairman Roger Williams (R-TX), Rep. Dan Meuser (R-PA), Rep. Mark Alford (R-MO), and Rep. Aaron Bean (R-FL) wrote to Department of Labor Acting Secretary Julie SU inquiring about the impact of the DOL proposal on small businesses. 

From the letter:

It is important for agencies to examine small businesses interests—which make up 99.9 percent of all businesses in the United States—when passing any new rule. America’s small businesses deserve to have their voices heard and considered. We therefore request the following information as soon as possible but no later than December 21, 2023:

1. 1. The DOL assumes that impacted small entities “incur only incremental costs.” However, the entities will incur costs associated to review the rules, disclosure requirements, rollover documentation and disclosure, retrospective review, written policies and procedures, and recordkeeping. Considering all various costs for all the amendments and rules, how did the DOL conclude that these costs are only incremental?
   2. The proposed rule package is over 500 pages. Are there other resources available, besides the rules themselves, to small entities to help them understand the impacts the rules will have on their operations?
   3. The proposed rule would apply expensive disclosure requirements to advisers who earn commissions to ensure their interests align with those of investors. Did the DOL consider how to make this burden lighter on small entities?
   4. The US Securities and Exchange Commission already applies a best-interest standard for retail securities brokers and most of the states have adopted a best-interest-like model for insurance sales. Why does the DOL believe this new strict rule is necessary when there are already regulations in place to protect consumers?
   5. Industry groups representing financial service firms are concerned that the short comment period will not give them sufficient time to respond to the package. Has the DOL considered extending the comment period to 90 days, or longer, to give the impacted entities sufficient time to respond?

NAIFA members serve the financial service needs of small businesses, their owners, and their employees across the United States. Many NAIFA members are small business owners, themselves. The DOL proposal would reduce or eliminate many Americans' access to retirement planning services and advice.