ASA Applauds Court Ruling Blocking DOL Fiduciary Rule Implementation

Calls on DOL to be held accountable for repeatedly misusing taxpayer dollars.

WASHINGTON – The American Securities Association (ASA) today applauded a ruling in the Eastern District of Texas blocking implementation of the Department of Labor’s (DOL) so-called fiduciary rule.

“Once again, the courts ruled the DOL fiduciary rule was never authorized by the people’s elected representatives in Congress,” said ASA President and CEO Chris Iacovella. “The DOL and its unelected bureaucrats need to be held accountable for wasting millions of taxpayer dollars in pursuit of an ideological agenda that the courts made clear in 2016 was illegal.”

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The American Securities Association represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.