If the Department of Labor releases a conflict of interest rule that is an echo of its original proposed expansion of the fiduciary standard, it will be met with "swift and strong legislative action."
That was the prediction Tuesday — made just hours before President Obama's State of the Union — from Lee Covington, VP and general counsel for the Insured Retirement Institute, based on his reading of lawmakers' views in recent weeks.
The long-awaited ruling has yet to be sent to the Office of Management and Budget, according to Covington. When it finally is – at any moment, according to the latest speculation – a 90-day review period will begin.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
