Two of the most influential players in the long-ranging debate over the merits of the Labor Department’s fiduciary rule sat elbow-to-elbow before a House subcommittee on retirement today.
Dr. Jason Furman, who served as chair of the Council of Economic Advisors under President Obama, was responsible for generating research that estimated retirement investors lose $17 billion a year to conflicted investment advice, a figure that provided the empirical rationale for promulgating the controversial rule.
Bradford Campbell, a partner at Drinker Biddle & Reath and former head of Labor’s Employee Benefits Security Administration, has been a lead opponent of the rule, and a staunch critic of Furman’s and the CEA’s research on conflicted advice.
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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.
