A cohort of lawmakers in the House of Representatives, including two Democrats, has penned a letter to Labor Secretary Thomas Perez, calling on him to scrap the existing proposed fiduciary rule and re-propose a new regulation that accounts for stakeholders' concerns.
Rep. Ann Wagner, R- Missouri, who introduced the Retail Investor Protection Act in 2013, a law that would require the Securities and Exchange Commission to take the lead in writing a new fiduciary standard and that passed the House before stalling in the Senate, was the lead signatory to this most recent letter.
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