In the latest tactic to forestall the release of the Department of Labor's new fiduciary standard, two Republican lawmakers are asking the director of the Office of Management and Budget to guarantee the public will have a full 90 days to review the proposal once it's released.
Senator John Boozman, R-Arkansas, who is chairman of the Subcommittee on Financial Services and General Government, and Rep. Ander Crenshaw, R-Florida and chair of the same subcommittee in the House, are worried the OMB will rubberstamp the proposal without fully considering its opponents' arguments.
"Given the concerns raised with the initial rule proposal, the DOL should guarantee that the public will have at least 90 days to review, analyze, and comment on any proposed rule, proposed exemptions, regulatory impact, and cost-benefit analyses," they wrote.
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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.
