Today, several Democrats raised concerns over the Department of Labor’s proposed fiduciary rule at a hearing held by two subcommittees of the House Financial Services Committee.
“I can’t believe we are still talking about this issue,” said Rep. John Carney, D-Delaware, who expressed concern that the rule could unintentionally restrict access to financial advice for low- and middle-income Americans.
Carney, who said the complexity of the issue was “beyond me” when he first set out to understand it in 2010, when the DOL first attempted to write a new fiduciary standard, also said the time to create a new rule is now.
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