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Chamber worries fiduciary rule will be overly broad

The chamber lobbies against the creation of "a rigid one-size-fits-all regulatory approach that will make it harder to serve current investors, particularly in smaller accounts.

By Melanie Waddell | Updated on February 09, 2015

Top executives at the U.S. Chamber of Commerce were among those to share their concerns about the DOL’s upcoming re-release of its fiduciary rule with Labor Secretary Thomas Perez and National Economic Council Director Jeffrey Zients.

In a letter last week, two chamber leaders highlighted concerns with the DOL’s reliance on prohibited transaction exemptions to “mold” the definition of fiduciary under the Employee Retirement Income Security Act, as well as the DOL’s attempts to regulate rollovers.

The players in the debate over the rule have been waiting for the DOL to send it to the Office of Management and Budget for analysis since late January.

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