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Champions, Critics and Consequences of a New Fiduciary Standard

KEYWORDS: DEPARTMENT OF LABOR, FIDUCIARY STANDARD, NATIONAL ECONOMIC COUNCIL

WHEN: Wednesday, May 27, 2015 6:00 a.m. to 8:00 a.m. ET

WHERE: Bipartisan Policy Center, 1225 Eye Street NW, Suite 1000, Washington, DC, 20005

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Through its proposed “fiduciary standard,” the Department of Labor is calling for additional consumer protections for retirement savers. The spirit of the proposed rule guides financial advisers to put client interests first. Critics, however, fear that such a move my unintentionally harm the very savers it aims to help.

What is the best way to ensure transparent, accurate, and timely disclosure of the fees? Is a “fiduciary standard” the right approach? What improvements can be offered? How could policymakers best protect the interest of retirement plan sponsors while ensuring that retirement savers have access to sound advice?

The Bipartisan Policy Center hosted a discussion to hear from leading voices on all sides of this debate.

Follow the discussion on Twitter: @BPC_Bipartisan #BPClive


Keynote address by:

Jeffrey Zients
Director, National Economic Council
View remarks as prepared for delivery

Panel discussion with:

Mercer Bullard
MDLA Distinguished Lecturer and Professor, University of Mississippi School of Law

Pamela D. Everhart
Senior Vice President of Government Relations, Fidelity Investments

Sameera Fazili
Former Senior Policy Advisor, National Economic Council

Micah Hauptman
Financial Services Counsel, Consumer Federation of America
@MicahHauptman

Felicia Smith
Vice President & Senior Counsel for Regulatory Affairs, Financial Services Roundtable

W. Mark Smith
Partner, Sutherland Asbill & Brennan LLP

Moderated by:

Floyd Norris
Retired Chief Financial Correspondent,
The New York Times

Concluding remarks by:

Ken Bentsen
President and CEO, Securities Industry and Financial Markets Association