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Lawmakers say insurance companies exaggerate DOL rule fallout

Doomsday scenarios advanced by industry opponents of the DOL fiduciary rule are the financial services industry exaggerating the rules potential negative consequences, 2 lawmakers say.

By Nick Thornton | Updated on February 12, 2016
Rep. Elijah Cummings, D-Maryland (photo: AP)

Sen. Elizabeth Warren, D-Massachusetts, and Rep. Elijah Cummings, D-Maryland, are urging the Department of Labor and Office of Budget and Management to quickly finalize the DOL’s proposed fiduciary rule, based on what they say is evidence the financial services industry is exaggerating the rule’s potential negative consequences.

In a letter sent to Labor Secretary Thomas Perez and OMB director Shaun Donovan, the two lawmakers say the “doomsday” scenarios advanced by industry opponents of the rule don’t comport with what some stakeholders are disclosing to investors.

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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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