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MI HR0223
Resolution
Status
3/22/2016
Primary Sponsor
Anthony Forlini
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AI Summary
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Opposes U.S. Department of Labor regulatory efforts that would classify broker-dealer professionals as fiduciaries, arguing such rules would limit low- and middle-income investors' access to affordable retirement advice.
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Calls on Congress to enact the Retail Investor Protection Act (H.R. 1090), which would prohibit the Department of Labor from defining fiduciary status under the Employee Retirement Income Security Act of 1974 until the Securities and Exchange Commission issues final conduct standards for brokers and dealers.
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Supports the broker-dealer compensation model as more cost-efficient and accessible than fee-based arrangements for consumers with small- to medium-size retirement accounts.
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Directs copies of the resolution be sent to the President of the Senate, Speaker of the House, Michigan's congressional delegation, and the Secretary of Labor.
Legislative Description
A resolution to memorialize the Congress of the United States to enact the Retail Investor Protection Act and also to enact legislation that prohibits the United States Department of Labor from amending fiduciary duty regulations to define retirement savings brokers and agents as fiduciaries, including those previously not deemed fiduciaries.
Last Action
Adopted
3/22/2016