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House Democrats to DOL: Fiduciary reproposal should meet certain standards

More than 30 House Democrats sent a letter to Secretary of Labor Hilda Solis on Monday that not only thanked her for Phyllis Borzis decision to withdraw the DOLs proposed rule redefining the term fiduciary, but also set out specific areas the new rule should address when its reproposed in...

By Melanie Waddell | Updated on November 08, 2011

More than 30 House Democrats sent a letter to Secretary of Labor Hilda Solis on Monday that not only thanked her for Phyllis Borzi’s decision to withdraw the DOL’s proposed rule redefining the term fiduciary, but also set out specific areas the new rule should address when it’s reproposed in early 2012.

The letter, which was also signed by Rep. Barney Frank, D-Mass., ranking member of the House Financial Services Committee, argued that if the previous rule had been finalized, “millions of Americans would have been left without the ability to receive adequate investment education and assistance in planning for retirement. Furthermore, the proposal would have been harmful for the many small businesses that need help in providing retirement benefits for their employees.”

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