Testimony of Angela Capek, Fidelity Investments

This document is about the testimony of Angela Capek of Fidelity Investments before the ERISA Advisory Council. Capek provides detailed data and insights on Fidelity's experience administering self-directed brokerage accounts, including the prevalence of such accounts, the characteristics of participants who use them, the investment options and costs associated with brokerage windows, and the disclosures provided to participants. Capek argues that the current regulatory framework is sufficient and that no additional guidance is needed.