Congresswoman Gwen Moore Seeks Clarity on Department of Labor’s Proposed Retirement Security Rule
Washington,
March 1, 2024
Congresswoman Gwen Moore Seeks Clarity on Department of Labor’s Proposed Retirement Security Rule Today, Congresswoman Gwen Moore led a letter to Acting Secretary U.S. Department of Labor (DOL), Julie Su, and Assistant Department of Labor Secretary for Employee Benefits Security Administration, Lisa Gomez, expressing support for the DOL’s retirement rule and the goal of better protecting the interests of retirement investors while also raising points of concerns. In the letter, Congresswoman Moore and her colleagues raise questions regarding the line between the provision of investment education and advice and the range of prohibited transactions exemptions. The Members also emphasize the need for adequate time before the new protections take effect to allow those impacted to implement the changes to ensure these protections can be smoothly and effectively implemented. “I support the Department of Labor’s Retirement Security Proposed Rule and the Biden Administration’s efforts to help ensure that American workers receive recommendations that affect the investment of their retirement savings that serves their best interest. In the letter I led, my colleagues and I raised concerns to help prevent any unintended consequences. These efforts are critical to crafting effective policy and regulations that serve the needs of the American people.” Read the full text of the letter here. |
