Congress of the United States ‘Washington, DE 20515 Dear colleague, {As you know, in 2015 the Department of abor introduced a regulatory propotal known as the *Tiducory Rule.” This propose wil nnpose wn nana evens sew snes regulatory requirements lnartisan concerns have een raised thatthe proposal could cause individuals to lee access to trusted financial advisors, raise the cos of receiving financial advice, ane lead to Fewer small ‘businesses offering retirement pans. For these reasons, we have introduced lgsaton that will ot out bed atorsin the financial industry and strengthen protections fr those saving for retirement. Specifically, the bipartisan legisiatve proposals: ‘+ Raise the bar forthe retirement services industry and strengthen protections for savers by requiring retierent advisors to serve in their clients est interests ‘+ Root out bad actors by penalizing nancial professionals who violate the trust of their cents; ‘+ Require advisors to clearly communicate key information to ensure investors are welinformed ‘to make investment choices; and ‘Ensure that inaviduals and felis saving for retizement have acces to advice and investment ‘options to meet their individual needs and circumstances, Once finalized, the Department of Labor's proposed regulation will have immediate and severe ‘consequences on retirement savers~partcularlylow- and middle income families n order to protect the financial security of our constituents iis essential that Congress. act before i's to late Under our joint proposal ifthe Department of Labor finalizes a rule that addresses the concerns ‘expressed by a majority ofboth partes in she House, then Congress will have the opportunity to approve the rule and the alternative reforms we are outing wll not take effect. The propasal ensures Congress is ready with a better aterativeshould the Department fil to get this ight This bipartisan effort provides a common sense safeguard to ensure our constituents are not harmed as they plan and save for retirement. Please contact Joe Fawellin Rep. Rozkamy sof, Brandon Casey in Rep. Neal's office, Matt Meyer in Rep. Roe's offi, o Sylva Lee in Rep. Larsons office you would like to cosponsor HR 4293 (ARAP Act and HF. 4294 SAVERS Act) We look forward to working with you. I ish Peter. Roskam Richard Neal Member of Congress Member of Congress bh bh Phi Roe John Larson Member of Congress Member of Congress