Labor Department headquarters in Washington. (Photo: Mike Scarcella/ALM)
Lawmakers and public interest groups are balking at the short 30-day comment period the Labor Department has given for its newly proposed exemption for investment advice fiduciaries.
Labor "cut the minimum 60-day comment period in half to just 30 days," said Stephen Hall, legal director and securities specialist for Better Markets, in a Wednesday statement. "And for another related rule, it skipped the comment period entirely and just declared it 'final.'"
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
