Hearing on Financial Advice Regulations and Retirement Security
January 1, 2016
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The Frame
The hearing examined how proposed federal rules for financial advisors could change the cost and availability of retirement planning services for American families.
Potentially affected actors named in the source documents. Mention is not a position.
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.
Last recorded activity January 1, 2016.
Next step not available in the current record.
Summary
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'.
- 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.
Frequently Asked Questions
What was the purpose of this hearing?
Who testified at this hearing?
Why It Matters
The hearing examined how proposed federal rules for financial advisors could change the cost and availability of retirement planning services for American families.
News Coverage
Sponsors
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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