FOR IMMEDIATE RELEASE
Elise Brooks, (202) 589-2427
Roundtable VP to Testify Before DOL Today
Washington, D.C.—March 2, 2011—Brian Tate, Vice President of Banking for the Financial Services Roundtable, will testify today before the Department of Labor (DOL) at a hearing entitled “Definition of Fiduciary—Investment Advice.”
Tate’s testimony will express concerns that the DOL’s proposal would impose additional and expensive layers of regulation on financial firms while further confusing investors regarding the standard of care owed to them by their financial professionals.
Although the Roundtable supports the DOL’s initiatives to better protect plan beneficiaries and investors in IRAs and other retirement accounts, Tate will strongly urge them to withdraw the proposed rulemaking so that the DOL and the SEC can work together to harmonize the regulation of fiduciaries that are subject to the Dodd Frank Act and the federal securities laws.
The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.
Roundtable member companies provide fuel for America's economic engine, accounting directly for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs.