The Department of Labor's fiduciary standard do-over represents a "middle ground" between the outright bans on conflicted payments seen in other countries and the lack of "meaningful" protections in the U.S.
That is the assessment offered in a White House aide's memo of the DOL's redraft of regulations it has been working to perfect for more than four years.
Written by President Obama's chair of the Council of Economic Advisors, the Jan. 13 memo makes the case for the redraft to other senior White House advisors.
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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.
