In separate letters to the U.S. House of Representatives and the U.S. Senate, ADISA expressed support for passage of a Congressional Review Act (CRA) resolution disapproving the final Department of Labor (DOL) rule published in the Federal Register on April 25, 2024, titled “Retirement Security Rule: Definition of an Investment Advice Fiduciary.”

The use of the CRA to disapprove the DOL’s Fiduciary Rule is perhaps the perfect opportunity to prevent an excessive, unnecessarily expensive rule with no basis in study or current data, one which will harm the very Americans the DOL espouses to protect, and one promulgated through an abrogated process in violation of the Administrative Procedures Act. 

ADISA disapproves the final DOL Fiduciary Rule for a number of reasons:

• The DOL Rule will increase the wealth GAP and negatively impact retirement savings.
• The DOL eschewed public comment, abrogating the rulemaking process in violation of the Administrative Procedures Act.
• The DOL Rule lacks meaningful economic impact analysis.

Read more regarding ADISA's reaction to the final version of the DOL's retirement advice rule.

ADISA strongly believes the Biden Administration and the political leadership within the Department of Labor have violated both the letter and spirit of the Administrative Procedures Act, thereby warranting the use of the CRA.

Read the letter to Members of the House here.

Read the letter to Members of the Senate here.

ADISA also signed joint trade association letters to both the House and Senate on this issue.

Read the joint trades letter to the House here.

Read the joint trades letter to the Senate here.