White House to dig into DOL fiduciary redraft

The White House’s National Economic Council will perform “industry outreach” on the Department of Labor’s redraft of its rule to amend the definition of fiduciary under the Employee Retirement Income Security Act, an industry official said.

Kent Mason, a partner with Davis & Harman in Washington, told ThinkAdvisor in an email that the White House working group “is in the information gathering stage, and has not made any decisions” regarding the DOL’s fiduciary redraft, and that ”the NEC is part of the White House working group.”

“My sense is that the working group will likely be focused on the big-picture policy questions, not the drafting issues” regarding DOL’s rule, Mason added.