A well-mannered, at times jocular subcommittee hearing on the Department of Labor’s conflict of interest proposal in the Senate turned in tone when Sen. Elizabeth Warren, D-Massachusetts, took to questioning panel witnesses.
One in particular, Peter Schneider, president of Primerica Inc., a Georgia-based provider of investment services distributed through a channel of 90,000 advisors, was specifically signaled out by Sen. Warren, a staunch supporter of the DOL’s rule.
In the testimony he gave to the Health, Education, Labor and Pensions subcommittee, Schneider testified that the DOL’s current proposal is more “punishing” than the first one withdrawn in 2011.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
