The civic record
Read. Follow. Verify.Hearing on Financial Advice Regulations and Retirement Security
Record date · January 1, 2016
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What This Bill Does
This document is a transcript of a 2015 House hearing regarding the potential impacts of new federal regulations on financial advice for retirees and working families. Lawmakers and industry experts discussed the costs and accessibility of financial guidance under proposed Department of Labor rules.
The hearing examined how proposed federal rules for financial advisors could change the cost and availability of retirement planning services for American families.
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
Working families and retirees
These groups are the primary subjects of the proposed financial advice regulations discussed in the hearing.
Financial advisors and firms
These entities would be subject to new regulatory requirements regarding how they provide financial advice.
U.S. Department of Labor
The agency is responsible for drafting and implementing the proposed regulations.
Key Facts
- The hearing took place on June 17, 2015, in Washington, DC.
- The subcommittee evaluated the 'costs and consequences' of proposed Department of Labor regulations regarding financial advice.
- Witnesses included the Secretary of Labor, representatives from Fidelity Investments, the Investment Company Institute, and private wealth management firms.
- The committee reviewed a GAO report on retirement security and a report titled 'Locked Out of Retirement'.
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- Multiple members of Congress submitted formal questions for the record to the witnesses following the hearing.
- The hearing was held by the Subcommittee on Health, Employment, Labor, and Pensions of the House Committee on Education and the Workforce.
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News Coverage
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Votes, people, money & the original sourceFull breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Regulatory focus on financial advice
The hearing highlights a significant push by the Department of Labor in 2015 to increase oversight of financial advisors to protect retirement assets.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance60How much this matters to a regular citizen
- Controversy50Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz20Current news / social attention level
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