more? Rep. Joseph Crowley, Ghair Rep. Jim Himes. Vice-Chair a 0 a. f; Rep. Ron Kind, Vice-Chair . Rep. Rick Larsen, Vice-Chair Rep. Allyson Schwartz. Vice-Chair Coalition May to, 2011 The Honorable Mary L. Schapiro The Honorable Hilda Solis Chairman Securities and Exchange Commission lot} Street, NE Secretary Washington, DC 20549 U.S. Department of Labor 200 Constitution Avenue, NW Washington, DC 20210 The i-lonorahie Gary Gensler . Cm Chairman :3 .S. Cormnodity Futures Trading Commission 2sStreet, NW 33m ?1 1t?vaslungton Dt. 20581 ,3 5392 . . f? $1 Mb. hD ?InPhi-In ?33. . Dear Secretary Solis and Chairmen Schapiro and . . . . . As members of the New Democrat we are writing today With respect to than Department ofl..abor?s proposal to rede?ne the term c?tiduc-iary? for purposes ofthe 5111131on Retirement Security Act of i 974 and for purposes ofcertain Internal Revenue Code provisions affecting IRAS and similar arrangements. During debate ot'the Doddsii?rank Wall Street Reform and Consumer Protection Act, the New Democrat Coalition played a criticai role in advocating for an approach that would reduce systemic risk and increase transparency and certainty in our markets. Given our work, we understand and appreciate the Departmenfs desire to update the definition ofa ?duciary in a way that is broad enough to protect the interests of retirement pian participants and sponsors seeking investment advice. While the proposed rule is intended to protect employee participants and plan sponsors from unfair and deceptive practices, we are concerned that it would have an adverse effect; ultimately limiting access to investment education and information. This would resuit in worse investment decisions by participants and would, in turn, increase the costs of investment products, services, and advice that are absolutely critical parts of a sound investment strategy for consumers. We also feel strongly that these changes should be made in consultation and coordination with all the relevant regulators to avoid duplicative or contradictory guidelines governing investment in .S. markets. A coordinated regulatory approach among the agencies will provide clarity and certainty both to investors and to advisers. Given the complexity and importance eithis issue, over 2200 written submissions have been made regarding the proposed rule, in addition to those made at the Department?s public hearing. We understand the Department is considering modi?cations. In order to consider fully these comments and to provide more transparency and certainty to the rulemaking process, we urge the Department to provide the public with an opportunity to review these modi?cations through a re-proposed rule. We appreciate the Department?s leadership on this issue. We look forward to working with you in coordination with other agencies to create a balanced approach that protects plan participants and sponsors while ensuring, continued access to investment education, information, and affordable investment products and services. Sincerely, CW Carolyn McwCarthy Member of Congress Rush Holt Member of Congress Mu Ron Kind Men ber of Congress ?son Altmire Jim 1-s Member Memb of Congress a JolT?l Barrow Member of Congre Russ Carnahan Member of Cong?333 WFW 11// John Carney Cars 11 Member of Congress Membe Congress Gerry Cormoli Joe Courtney i Member of Congress Member of Congress Martin Heinrich 1' 1111111 Larsen Member of Congress Member of Congress %1 Wm Creg?iry ?eeiis 131/11 Moran Member of Congress Member of Congress Ciirjs Mitr 1111}: {315? Bill Owens Member 01111111011113 Memberof Congress r. Ed Perfn 1t1er Member of Congress .1 if A R111 131111133 ?(5131111 Member of Congress e111b?1 of Con g1 ess (:13 ,1 i; {2'15 1:1 .1 fig/Lame R1eha1dson Cedric Richmond Member of Conwess Menmer of Congress David Scott MM Member of Congress David Wu Member cf Congress CC: Director Jack Lew, Of?ce and Budget 4mm Terri Sewel? Membel of Congless