The bill on fiduciary rules that is sponsored by Rep. Ann Wagner, R-Mo., has NAIFA's support only for its intent, not its substance, said NAIFA President Rob Smith. NAIFA's Jill Hoffman said, "NAIFA agrees that if the [Securities and Exchange Commission] is going to proceed on a rule, then they should demonstrate how the rule will resolve any harm to consumers, and that they should go before the [Labor Department]." NAIFA intends to submit comments to the SEC next week that are in line with its mission of serving middle-market consumers and their financial advisers, Smith said.

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