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Rep. Wagner Introduces The Protecting Advice For Small Savers (PASS) Act Of 2017

Sep 27, 2017
Press Release

WASHINGTON – Today, Congresswoman Ann Wagner (MO-02) released the following statement after introducing The Protecting Advice for Small Savers (PASS) Act Of 2017 in the U.S. House of Representatives:

“The Department of Labor’s fiduciary rule is already hurting Main Street Americans by eliminating investment choices and raising costs. According to a recent study by the U.S. Chamber of Commerce, low and middle income retirement savings investors have already begun to experience a negative impact on their ability to save and invest for their future as a result of the DOL’s regulatory overreach. The PASS Act will protect these investors by creating a best interest standard for broker-dealers that benefits consumers and protects their access to financial advice.

“America is in the midst of a savings crisis and this legislation will ensure it is easier for families to save and invest, not harder. At the end of the day, every family should have access to affordable investment products and the confidence that their best interest is being served.”

Background on the PASS Act:

  • Repeals the Department of Labor (DOL) fiduciary rule
  • Creates a best interest standard for broker-dealers
  • Requires broker-dealers to disclose compensation they receive and any conflict of interest that exists
  • Limits U.S. Securities and Exchange Commission (SEC) rule making authority under Section 913 of Dodd-Frank
  • Prevents Department of Treasury and DOL from promulgating fiduciary regulations on broker-dealers under The Employee Retirement Income Security Act of 1974 (ERISA)
  • Preempts state laws avoiding a patchwork of standards

Key Organizations Supporting the PASS Act: U.S. Chamber of Commerce, Financial Services Roundtable (FSR), Securities Industry and Financial Markets Association (SIFMA), Financial Services Institute (FSI), National Association of Insurance and Financial Advisors (NAIFA), American Council of Life Insurers (ACLI), Investment Company Institute (ICI)