Lake Houston Area Chamber President and CEO makes Official Statement on Lawsuit Against U.S. Department of Labor - Kingwood
Lake Houston Area Chamber President and CEO makes Official Statement on Lawsuit Against U.S. Department of Labor - Kingwood
Published: Jun 14, 2016, 1:02pm
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Last week, the Lake Houston Area Chamber joined a broad coalition of business groups to challenge a new and very controversial regulation by the U.S. Department of Labor that will make it harder for Texas businesses to help their employees with retirement security and make it more expensive for average Texans to save for retirement.
On June 1, a legal challenge was filed to the U.S. Department of Labor’s fiduciary rule for brokers and registered investment advisers serving Americans with Individual Retirement Accounts (IRAs) and 401(k) plans.
President and CEO of the Lake Houston Area Chamber of Commerce, Jenna Armstrong, IOM made an official statement regarding the new fiduciary rule:
“Many businesses in the Lake Houston Area and throughout the country want to provide retirement security to their employees in order to attract and keep talented workers. Unfortunately, the DOL’s so-called ‘Fiduciary Rule’ will make it much harder to do so.
These new and complicated regulations expose financial advisors to a new wave of lawsuits that will drive up the cost of retirement. The Rule also forces small businesses to re-think what retirement services, if any, they can provide to their employees. That’s a bad deal for Texas businesses.
We believe that the regulation is unlawful and harmful to the economy. Our lawsuit seeks to protect Texans and other Americans who are saving for retirement,” Armstrong said.
The Lake Houston Area Chamber joined in the lawsuit with the Greater Irving-Las Colinas’ Chamber of Commerce, Lubbock Chamber of Commerce, Financial Services Institute, Financial Services Roundtable, Insured Retirement Institute, Securities Industry and Financial Markets Association, The U.S. Chamber of Commerce, and Texas Association of Business.
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