Fifty-five House Republicans have joined 30 House Democrats in requesting that the Department of Labor significantly narrow its definition of "fiduciary" in a rule the agency is currently drafting that would impact the sale of retirement products.
House Democrats sent a letter to DOL secretary Hilda Solis on Nov. 8 — after the agency decided under intense industry and congressional pressure to withdraw the proposed rule.
The proposal was withdrawn in late September by Phyllis Borzi, director of the DOL's Employee Benefits Security Administration.
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