A recent survey that found small businesses would likely drop their retirement plans if the Department of Labor moves ahead in redefining fiduciary is "bogus," posing questions that are based on a "false premise," the president and CEO of Better Markets told federal lawmakers this week.
In a letter to the lawmakers, Dennis Kelleher said the financial services industry "is once again trying to organize congressional opposition to the DOL's rulemaking using deceptive claims about the likely impact of the rule."
Better Markets is a group that promotes the public interest in financial reform. An industry official confirmed that the survey is being "shopped around" Capitol Hill to get lawmakers to write letters expressing concern about the harmful potential impact of the idea.
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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.
