The members of Congress “have concerns that the Department’s re-proposal [of the rule] could severely limit the access to low-cost investment advice,” the letter says. “We believe the Department should adopt policies that expand access to advice, particularly in light of the racial and gender disparities that currently exist in retirement savings.
“We cannot overstate our desire to ensure that this re-proposed rule enhances investor protection without reducing investor access to affordable retirement advice, products and services,” the letter says.