Fiduciary Rule Remains at Top of Lobbyists' Hit List
Lobbyists pressed lawmakers on the fiduciary rule more than on any other retirement policy initiative in the second quarter of 2017, reports Bloomberg BNA.
In total, retirement-industry lobbyists spent $7.7 million attempting to advance their causes in the second quarter of 2017, 15% less than the prior quarter. By comparison, the lobby spent $9.5 million in the second quarter of 2016, according to Bloomberg Government data cited by the outlet.
Between April 1 and June 30, 56 organizations listed the fiduciary rule as a “specific lobbying issue” on reports disclosing their lobbying activities — more than any other retirement topic, according to Bloomberg BNA. Multi-employer pension plans, tax issues and state retirement plans followed at 47, 40 and 23, respectively. Organizations could name more than one issue in a report.
The majority of institutions lobbying in regard to the fiduciary rule oppose it, Bloomberg BNA notes. Among those that funneled money to that cause in the second quarter were BlackRock, Morgan Stanley and Vanguard.
New York Life and Prudential both lobbied on potential tax reforms, including the current tax-deferred treatment of 401(k)s and IRAs, which Congress has often considered cutting, Bloomberg BNA notes.
Groups lobbying in regard to state-run retirement plans for private sector workers included LPL Financial, TIAA and Voya, according to Bloomberg BNA. In May, President Donald Trump signed a repeal passed by Congress of an Obama-era rule that exempted government-run retirement plans from complying with Erisa. However, a handful of states have announced that they intend to proceed with implementing automatic IRA programs regardless, as reported.
- To read the Bloomberg BNA article cited in this story, click here.