Republican lawmakers in both chambers of Congress are making formal requests of the Department of Labor for information into the rulemaking process behind the agency’s conflict-of-interest, or fiduciary, rule.
Beyond echoing Wall Street’s argument against the rule — that a new fiduciary standard would price low and moderate earners out of the financial services market — the lawmakers are also questioning the DOL’s authority in making the rule, arguing it is the Securities and Exchange Commission’s jurisdiction.
Rep. John Kline, R-Minnesota, chair of the Committee on Education and the Workforce, and Rep. Phil Roe, R-Tennessee, chair of the Subcommittee on Health, Employment, Labor and Pensions, are requesting documents from the DOL proving the agency adequately coordinated with the SEC during the rule making process.
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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.
