Pay close attention to three areas of the Department of Labor's reproposed fiduciary rule once it's released in July, says Brad Campbell, former head of the DOL's Employee Benefits Security Administration.
First will be the new prohibited transactions exemptions, "and what they will allow," said Campbell (left), who's now an attorney with the Financial Services ERISA Team at Drinker Biddle & Reath in Washington, on the law firm's Inside the Beltway conference call Tuesday.
Fred Reish, head of Financial Services ERISA team at Drinker Biddle, who was also on the call, said that "the fiduciary aspects" of the DOL's proposal were "manageable" and agreed with Campbell that "the prohibited transactions" in the revised rule would be "where the rubber hits the road." Going forward, he said, "the debate will be in the prohibited transaction issues."
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
