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Support for DOL rule split along party lines

Democrats, for the most part, support the proposed Department of Labor fiduciary standard; Republicans, the opposite.

By Nick Thornton | Updated on July 24, 2015
Department of Labor Secretary Tom Perez (photo: AP)

A group of 12 Democrats, including Rep. Maxine Waters, D-CA, and Rep. Bobby Scott, D-VA, both ranking members of House committees with jurisdiction over retirement policy, think it’s time to update the Employee Retirement Income Security Act.

That’s because the rules governing the nearly $12 trillion IRA and defined contribution market have “failed to keep pace with the changed landscape,” wrote the lawmakers in a comment letter addressed to Labor Secretary Thomas Perez.

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Nick Thornton

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.

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