Friday, September 2, 2011

Fiduciary Standard and Future Savers

The Hill's Congress Blog has a piece by the President of the Financial Services Roundtable that looks at the DOL's fiduciary standard and its impact on small savers.

Key graph:

[A recent study] went on to estimate that 360,000 fewer accounts would be opened in 2011 if the Rule had been in place. Assuming zero population growth and simple projections, after just 10 years, 3.6 million fewer Americans would have retirement savings accounts.

Yikes! At a time when Americans need MORE retirement savings, not less, it is important that DOL get this right.