ACLI President Opposes 8-State Reg BI Challenge

ACLI President Susan Neely says in a statement that Reg BI is consistent with the Dodd-Frank Act requirements.

"What's more, the claim that the SEC did not do a thorough cost-benefit analysis on the regulation is disingenuous," Nelly says in the statement. "The SEC went beyond official rulemaking requirements to analyze and elicit costs and benefits from all stakeholders as it crafted Reg BI."

Neely says the Group of 8 is simply trying the revive the U.S. Department of Labor's fiduciary rule, which was struck down by a federal appeals court in March 2018.

"This flawed regulation eliminated choice and access to information that every day consumers need to secure their retirement," Neely says. "Reg BI's approach is much better suited for Main Street consumers. It provides enhanced protections and preserves access to a variety of retirement products and guidance from professionals acting in consumers' best interest."

— Read NRA Suitability Rule Likely a 'Non-Factor' Due to Reg BI: Attorney, on ThinkAdvisor.

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