The Wall Street Journal and Washington Post recently published articles casting a negative light on the lawsuit brought by NAIFA, ACLI, and others to stop the Department of Labor’s misguided fiduciary-only rule. These articles mischaracterize what we hope to achieve and largely ignore the arguments laid out in our court filings.

If allowed to take effect, the fiduciary-only rule would deprive millions of consumers access to much needed retirement financial guidance and protected lifetime income products, replicating the considerable harm suffered under a similar 2016 DOL regulation vacated by a federal court in 2018. Fortunately, the U.S. District Court for the Northern District of Texas has granted a stay in the case, preventing the rule from taking effect next month. Further, the court said that our case is “virtually certain to succeed on the merits.”

It is unfortunate that publications like the Journal and Post are publishing the flawed arguments advanced by the Department of Labor and are largely disregarding the great work done by financial professionals serving the best interests of their clients.  NAIFA is working with our coalition partners including ACLI to coordinate suitable responses to these public attacks while following the guidance of our legal team. We are confident we will once again be vindicated by the courts.

Rest assured that NAIFA is vigilantly advocating on your behalf and on behalf of the consumers you serve.