The Department of Labor’s new fiduciary rule, which has been beset with lawsuits and Congressional efforts ever since it was published in the Federal Register nearly a year ago, should be “rescinded or withdrawn,” according to the chairman of the House Education and Workforce Committee.
Chairman Tim Walberg (R-MI) sent a letter to new Labor Secretary Lori Chavez-DeRemer, stating that the Committee “recognizes that many burdensome regulations were developed at DOL during the Biden-Harris administration,” and listed the DOL’s fiduciary rule first and foremost among a list of 12 regulations that the Committee thinks should be rescinded or withdrawn under Chavez-DeRemer’s new DOL leadership.
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Lynn Cavanaugh
Lynn Varacalli Cavanaugh is Senior Editor, Retirement at BenefitsPRO. She has worked for major firms in the employee benefits space, Vanguard and Willis Towers Watson, as well as top media companies, including Condé Nast, American Media and Harris Publications.
