Attorney General Brenna Bird Leads Coalition to Protect the Right of Iowans to Affordable Retirement Advice

DES MOINES—Iowa Attorney General Brenna Bird is leading a coalition of 20 states in support of overturning President Biden’s “Fiduciary Rule”—a rule attempting to mandate expensive new requirements on financial advisors that give retirement advice. The rule will stifle innovation in the financial services industry, increase costs for Iowans, and restrict choices for retirement savers. 

All fifty states have their own regulations protecting retirees—this federal government fiduciary rule is a badly planned one-size-fits-all approach that hurts retirees here in Iowa. President Biden illegally removed the states from their role in protecting their citizens by asking the Department of Labor to do it instead–essentially saying the federal government is more qualified to decide what is in the best interest of Iowans instead of their own state’s insurance division.  

“This regulation is nothing more than Washington bureaucrats meddling in the financial decisions of hardworking Americans, driving up costs, and limiting access to trusted advisors,” said Attorney General Bird. “Iowa has a strong tradition of protecting customers through state-level oversight. We urge the court to strike down Biden’s mandate so Iowans can continue building their retirements without unnecessary red tape.” 

 “We are hopeful the court recognizes that 49 states have already adopted Annuity Best Interest Rules, which were designed to protect consumers from unprofessional predatory practices that are not in the interest of consumers,” said Iowa Insurance Commissioner Doug Ommen. “The Department of Labor’s effort to dramatically expand regulatory authority is not only redundant but also creates conflicts with existing state regulations that already offer sufficient consumer protection.” 

The Iowa-led brief is joined by Alabama, Alaska, Arkansas, Florida, Georgia, Kansas, Idaho, Louisiana, Mississippi, Missouri, Montana, Nebraska, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, and West Virginia. 

Read the full brief here.  

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For More Information:

Jen Green 

jen.green@ag.iowa.gov