Secretary of Labor Thomas Perez said Friday that his department worked “very closely” with the SEC in crafting its proposed new fiduciary rule.
The secretary’s comment, made during an interview on CNBC, came after Republican lawmakers in both chambers of Congress filed formal requests with the DOL to provide documentation of all communications with the SEC relating to the rulemaking process.
Foes of the new proposed rule, which would impose a higher fiduciary standard on all brokers of securities, have claimed that the type of oversight the DOL would be given should statutorily be left in the jurisdiction of the SEC.
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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.
